The three European Supervisory Authorities have launched a consultation on draft Implementing Technical Standards (ITSs).
These three bodies are the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities Markets Supervisory Authority (ESMA). This consultation is around technical standards on the reporting of inter-group transactions and risk concentration for financial conglomerates.
The draft aims to offer a single framework of requirements for this type of reporting subject to supplementary supervision in the European Union.
When launched, the EBA hopes the ITSs will provide the foundation for the harmonisation of reporting, with a single set of templates and an embedded dictionary using common definitions, as well as a single set of instructions to fill in the templates.
Furthermore, the ITSs will support coordinators and other relevant competent authorities to identify relevant issues and exchange information more efficiently. Through this is will reduce costs and foster a level playing field across financial conglomerates in the European Union.
The consultation will run until 15 August 2019.