September 27 2016

Comments on Guidelines on disclosure requirements under Part Eight of Regulation (EU) 575/2013 (EBA/CP/2016/07)

It is our understanding that the draft guidelines are not intended as implementation in the EU of the first stage of the Basel Pillar 3 Review (BCBS 309). Instead, their purpose is merely to enable EU banks to reconcile existing CRR requirements with the revised Basel recommendations in order to allow them to meet possible “market expectations” (whatever these are) without having to complete two sets of templates, i.e. CRR-compliant templates and BCBS 309-compliant templates. As we see it, the guidelines will not be binding and, in consequence, it will be up to each individual institution to decide whether, and to what extent, to abide by them. To make the proposed guidance legally binding on all European institutions, it would first be necessary to amend Regulation (EU) No 575/2013 (the CRR). Issuing binding guidelines at this stage would needlessly pre-empt the requisite Level 1 legislation (i.e. modification of the CRR) and be outside the remit of the EBA, in our view.

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