CEBS amends Corep guidelines

EU Committee standardises remittance dates and reporting frequencies for Corep

LONDON – The Committee of European Banking Supervisors (CEBS) has published an amendment to the Guidelines on Common Reporting (Corep) regarding the standardisation of remittance dates and reporting frequencies for Corep reporting in the EU.

The amendment to the Guidelines, valid from 2012, states that the maximum reporting frequency will be quarterly, with certain exceptions to allow monthly reporting. The proposal also sets a distinction between consolidated and solo remittance dates (40 business days and 20 business days respectively). Lastly, national authorities may provide additional time to institutions that only operate domestically, to provide proportionate application of the agreement for these firms.

CEBS emphasises that the decision on the standardisation of Corep reporting dates is only the first step in a more ambitious project to deliver EU-wide reporting formats in 2012 for all credit institutions and investment firms in the EU. In this context, CEBS wants to stress its commitment to moving forward on the harmonisation of supervisory reporting (Guidelines on Common Reporting and on Financial Reporting) to reduce the administrative burden on firms, while taking into account the benefits and costs of the proposals for the industry. CEBS is also keen to emphasise the relationship between this agreement and other projects in the roadmap on reporting, meaning that the committee could revisit this amendment before 2012, once more experience on Corep reports has been gained by national authorities and the industry.