Date: 2023-09-01Category: Not ApplicableState: Union GovernmentCountry: Europe
Regulation (EU) 2023/1678 of the European Central Bank of 17 August 2023 amending Regulation (EU) 2015/534 on reporting of supervisory financial information (ECB/2015/13) (ECB/2023/20)
Executive Summary:
This regulation amends Regulation EU 2015/534 regarding the reporting of supervisory financial information to align with Decision EU 2023/1681. It specifies the procedures for National Competent Authorities (NCAs) in submitting data received from supervised entities to the ECB. The regulation comes into force twenty days after its publication in the Official Journal of the European Union.
Key Points / Main Content:
Reporting by NCAs:
* NCAs must submit information received from significant credit institutions and branches to the ECB without undue delay, ensuring it is in the correct file format.
* NCAs must submit information received from significant credit institutions concerning subsidiaries in non-participating member states or third countries to the ECB without undue delay, ensuring it is in the correct file format.
Reporting Deadlines:
* NCAs shall decide the date by which credit institutions must report supervisory financial information concerning subsidiaries established in a nonparticipating Member State or a third country, but that date shall not be later than the 25th working day following the relevant remittance dates referred to in Article 3 of Implementing Regulation EU 2021/451.
* NCAs must submit specific information on less significant credit institutions to the ECB by close of business on the 25th working day following the remittance dates referred to in Article 3 of Implementing Regulation EU 2021/451.
Data Quality and IT Transmission:
* NCAs are responsible for monitoring and assessing the quality and reliability of the information submitted to the ECB, complying with specifications in Articles 4 and 5 of Decision EU 2023/1681.
* NCAs must transmit information using the eXtensible Business Reporting Language (XBRL) taxonomy, following specifications in Article 6 of Decision EU 2023/1681.
Article 8 Amendment:
* Significant credit institutions and significant branches shall report supervisory financial information to NCAs by the remittance dates referred to in Article 3 of Implementing Regulation EU 2021/451 or by an earlier deadline decided by the NCA.
Impact Analysis:
National Competent Authorities (NCAs):
* Impact: NCAs must modify their procedures for submitting supervisory financial information to the ECB to align with Decision EU 2023/1681. They are responsible for ensuring data quality and using the correct IT language (XBRL).
* Action Required: NCAs must comply with the specifications regarding data quality checks and qualitative information set out in Articles 4 and 5 of Decision EU 2023/1681 and also comply with the specifications set out in Article 6 of Decision EU 2023/1681.
Significant Credit Institutions and Significant Branches:
* Impact: Significant credit institutions and significant branches shall report supervisory financial information to NCAs by the remittance dates referred to in Article 3 of Implementing Regulation EU 2021/451 or by an earlier deadline decided by the NCA.
* Action Required: Report supervisory financial information to NCAs by the remittance dates referred to in Article 3 of Implementing Regulation EU 2021/451 or by an earlier deadline decided by the NCA.
Less Significant Credit Institutions and Less Significant Branches:
* Impact: Less significant credit institutions and less significant branches are indirectly impacted through the NCAs' reporting obligations.
* Action Required: No direct action required; comply with any instructions or requests from their NCA to facilitate the NCA's reporting obligations to the ECB.
Key Entities Referenced
European Central Bank: The central bank of the European Union countries that have adopted the euro.
Regulation EU 2023/1678: Regulation of the European Central Bank amending Regulation EU 2015/534 on reporting of supervisory financial information.
Regulation EU 2015/534: Regulation of the European Central Bank on reporting of supervisory financial information.
Treaty on the Functioning of the European Union: The Treaty outlining the scope of authority of the European Union.
Council Regulation EU No 1024/2013: Council Regulation conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions.
Regulation EU No 468/2014: Regulation of the European Central Bank establishing the framework for cooperation within the Single Supervisory Mechanism (SSM Framework Regulation).
Decision EU 2023/1681: Decision of the European Central Bank on the provision to the European Central Bank of supervisory data reported to the national competent authorities by the supervised entities.
Implementing Regulation EU 2021/451: Implementing Regulation mentioned in the context of remittance dates for reporting supervisory financial information.
1.9.2023 EN Official Journal of the European Union L 216/93
REGULATION (EU) 2023/1678 OF THE EUROPEAN CENTRAL BANK
of 17 August 2023
amending Regulation (EU) 2015/534 on reporting of supervisory financial
information (ECB/2015/13)
(ECB/2023/20)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Council Regulation (EU) No 1024/2013 of 15 October 2013conferring specific tasks on the European
Central Bank concerning policies relating to the prudential supervision of credit institutions(1), and in particular
Article 4(1) and (3), Article 6(2), Article 6(5)(d) and Article 10 thereof,
Having regard to Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014establishing the framework
for cooperation within the Single Supervisory Mechanism between the European Central Bank and national competent
authorities and with national designated authorities (SSM Framework Regulation) (ECB/2014/17)(2), and in particular
Article 21(1), Article 140 and Article 141(1) thereof,
Whereas:
(1) For the exercise of the tasks of the European Central Bank (ECB) in respect of supervisory reporting,
Decision ECB/2014/29 of the European Central Bank(3) specifies the manner in which national competent
authorities (NCAs) submit to the ECB certain information that they receive from supervised entities and the timing
of such submission.
(2) Decision ECB/2014/29 is repealed and replaced by Decision (EU) 2023/1681 of the European Central
Bank (ECB/2023/18)(4).
(3) In order to align submission to the ECB by NCAs of supervisory financial information with the provisions of
Decision (EU) 2023/1681 (ECB/2023/18), Regulation (EU) 2015/534 of the European Central
Bank (ECB/2015/13)(5)should be amended accordingly,
HAS ADOPTED THIS REGULATION:
Article 1
Amendments
Regulation (EU) 2015/534 (ECB/2015/13) is amended as follows:
(1) in Article 8, paragraphs 4 and 5 are replaced by the following:
‘4. NCAs shall, upon receiving from significant credit institutions and significant branches the information specified
in Articles 6 and 7 and after ensuring that the information is in the correct file format in accordance with Article 17,
submit that information to the ECB without undue delay.
5. Significant credit institutions and significant branches shall report supervisory financial information to NCAs by
the remittance dates referred to in Article 3 of Implementing Regulation (EU) 2021/451 or by an earlier deadline
decided by the NCA.’;
(1) OJ L 287, 29.10.2013, p. 63.
(2) OJ L 141, 14.5.2014, p. 1.
(3) Decision ECB/2014/29 of the European Central Bank of 2 July 2014 on the provision to the European Central Bank of supervisory
data reported to the national competent authorities by the supervised entities (OJ L 214, 19.7.2014, p. 34).
(4) Decision (EU) 2023/1681 of the European Central Bank of 17 August 2023 on the provision to the European Central Bank of
supervisory data reported to the national competent authorities by the supervised entities (ECB/2023/18) (see page 105 of this
Official Journal).
(5) Regulation (EU) 2015/534 of the European Central Bank of 17 March 2015 on reporting of supervisory financial
information (ECB/2015/13) (OJ L 86, 31.3.2015, p. 13).L 216/94 EN Official Journal of the European Union 1.9.2023
(2) in Article 10, paragraphs 2 and 3 are replaced by the following:
‘2. NCAs shall, upon receiving information from significant credit institutions concerning subsidiaries established in
a non-participating Member State or a third country as specified in Article 9 and after ensuring that the information is
in the correct file format in accordance with Article 17, submit that information to the ECB without undue delay.
3. NCAs shall decide the date by which credit institutions must report supervisory financial information as referred
to in Article 9. That date shall not be later than the 25th working day following the relevant remittance dates referred to
in Article 3 of Implementing Regulation (EU) 2021/451.’;
(3) in Article 12, paragraph 4 is replaced by the following:
‘4. NCAs shall submit to the ECB the information specified in Article 11 by close of business on the 25th working
day following the remittance dates referred to in Article 3 of Implementing Regulation (EU) 2021/451 for the
following institutions:
(a) less significant credit institutions established in a participating Member State and reporting at the highest level of
consolidation;
(b) less significant credit institutions reporting on a consolidated basis, other than those referred to in point (a).’;
(4) in Article 15, paragraph 4 is replaced by the following:
‘4. NCAs shall submit to the ECB the supervisory financial information specified in Articles 13 and 14 concerning
less significant credit institutions and less significant branches by close of business on the 25th working day following
the relevant remittance dates specified in Article 3 of Implementing Regulation (EU) 2021/451:
(a) for less significant credit institutions which are not part of a supervised group and for less significant branches;
(b) for less significant credit institutions which are part of a less significant supervised group.’;
(5) Article 16 is replaced by the following:
‘Article 16
Data quality checks
NCAs shall monitor and assess the quality and reliability of the information submitted to the ECB. For these purposes,
NCAs shall comply with the specifications regarding data quality checks and qualitative information set out in Articles
4 and 5 of Decision (EU) 2023/1681 of the European Central Bank (ECB/2023/18) (*).
_____________
(*) Decision (EU) 2023/1681 of the European Central Bank of 17 August 2023 on the provision to the European
Central Bank of supervisory data reported to the national competent authorities by the supervised
entities (ECB/2023/18) (OJ L 216, 1.9.2023, p. 105).’;
(6) Article 17 is replaced by the following:
‘Article 17
IT language for the transmission of information from national competent authorities to the ECB
NCAs shall transmit the information specified in this Regulation in accordance with the relevant eXtensible Business
Reporting Language taxonomy in order to provide a uniform technical format for the exchange of data. For these
purposes, NCAs shall comply with the specifications set out in Article 6 of Decision (EU) 2023/1681 (ECB/2023/18).’.1.9.2023 EN Official Journal of the European Union L 216/95
Article 2
Final provisions
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the
European Union.
This Regulation shall be binding in its entirety and directly applicable in the Member States in
accordance with the Treaties.
Done at Frankfurt am Main, 17 August 2023.
For the Governing Council of the ECB
The President of the ECB
Christine LAGARDE