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ECB regulation on reporting of supervisory financial information published in Official Journal

03/10/2017 Clifford Chance Visiter le site source

European Central Bank Regulation (EU) 2017/1538 amending Regulation (EU) 2015/534 on reporting of supervisory financial information (ECB/2017/25) has been published in the Official Journal.

The amendments reflect changes introduced by the EU Commission that seek to align reporting on financial information with the requirements of the new International Reporting Standard on Financial Instruments (IFRS 9). These include adjustments to the instructions and templates used by banks for reporting financial information.

Regulation (EU) 2017/1538 will enter into force on 9 October 2017 and apply:

 

  • to supervised entities applying IFRS under Regulation (EC) No 1606/2002, including those that apply IFRS for supervisory reporting pursuant to Article 24(2) of Regulation (EU) No 575/2013, for the first time as at the first reporting reference date falling within their next financial year after 31 December 2017;
     
  • to significant supervised entities which are subject to national accounting frameworks based on Directive 86/635/EEC from 1 January 2018; and
     
  • to less significant supervised entities which are subject to national accounting frameworks based on Directive 86/635/EEC from 1 January 2018.

The ECB may decide, at the request of a NCA, to apply the Regulation to less significant supervised entities which are subject to national accounting frameworks based on Directive 86/635/EEC and established in the Member State of that NCA from 1 January 2019 if such national accounting framework is not compatible with IFRS.