Commission Implementing Regulation (EU) 2017/1486 of 10 July 2017 amending Implementing Regulation (EU) 2016/2070 as regards benchmarking portfolios and reporting instructions (Text with EEA relevance)
EU Regulation 2017/1486 · Adopted 10 July 2017 · Extends to United Kingdom
Commission Implementing Regulation (EU) 2017/1486
of 10 July 2017
amending Implementing Regulation (EU) 2016/2070 as regards benchmarking portfolios and reporting instructions
(Text with EEA relevance)
C1THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/ECf1, and in particular the third subparagraph of Article 78(8) thereof,
Whereas:
(1)
Commission Implementing Regulation (EU) 2016/2070f2 specifies the reporting requirements for institutions, enabling the European Banking Authority (EBA) and competent authorities to assess the quality of institutions' internal approaches in accordance with Article 78 of Directive 2013/36/EU.
(2)
Article 78(1) of Directive 2013/36/EU requires institutions to submit the calculations of their internal approaches at least annually. Since the focus of the competent authorities' assessments and of EBA's reports change over time, exposures or positions that are included in the benchmarking portfolios, and therefore in the reporting requirements, should be adapted accordingly. It is therefore necessary to amend Annexes I to VI to Implementing Regulation (EU) 2016/2070.
(3)
It is appropriate to provide institutions and competent authorities with adequate time to implement the amendments.
(4)
Institutions should be given sufficient time from the entry into force of this Regulation to report results of the benchmarking exercise to the competent authorities. As a consequence the date set out in Article 4(2) of Regulation (EU) 2016/2070 should be derogated from with respect to the reporting in 2017.
(5)
This Regulation is based on the draft implementing technical standards submitted by EBA to the Commission.
(6)
The amendments to Implementing Regulation (EU) 2016/2070 are limited in scope and impact. In accordance with Article 15(1) of Regulation (EU) No 1093/2010 of the European Parliament and of the Councilf3, EBA has therefore not conducted any open public consultation.
(7)
Implementing Regulation (EU) 2016/2070 should be amended accordingly,
HAS ADOPTED THIS REGULATION:
Annotations to the whole text
Modifications
- C1
Regulation: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 3; S.I. 2023/779, reg. 2(d)
Footnotes
- f1
- f2
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Commission Implementing Regulation (EU) 2016/2070 of 14 September 2016 laying down implementing technical standards for templates, definitions and IT-solutions to be used by institutions when reporting to the European Banking Authority and to competent authorities in accordance with Article 78(2) of Directive 2013/36/EU of the European Parliament and of the Council (OJ L 328, 2.12.2016, p. 1).
- f3
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Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).