European Systemic Risk Board Publishes Recommendation on Collection of Information from Banks
12/09/2019The European Systemic Risk Board has published a Recommendation on the exchange and collection of information for macroprudential purposes by national regulators about branches of banks (credit institutions) that have their head office in another Member State or in a third country. National regulators are requested to provide an interim report to the ESRB and the European Council on their actions taken in response to the aspects of the Recommendation applicable to them, or on their justifications for any inaction, by December 31, 2020, followed by a final report on December 31, 2024.
Key aspects of the Recommendation include:
- Cooperation and exchange of information between national regulators on a need-to-know basis;
- An assessment by the European Commission of whether EU legislation contains impediments preventing national regulators from obtaining the information they need to activate macroprudential policy measures; and
- Issuance by the European Banking Authority of guidelines on the exchange of information by national regulators, which should include a list of information to be exchanged.
View the ESRB's Recommendation.
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