Proposed EU Templates for Reporting of Intra-Group Transactions by Financial Conglomerates

The Joint Committee of European Supervisory Authorities has launched a consultation on draft Implementing Technical Standards on the reporting of intra-group transactions and risk concentration for financial conglomerates under the Financial Conglomerates Directive. FICOD sets out requirements for regulated entities to report at least annually all significant intra-group transactions of regulated entities within a financial conglomerate and for information sharing between relevant regulators of conglomerates.

The ESAs are proposing harmonized templates for the reporting of intra-group transactions and risk concentration for financial conglomerates. The objective of the draft ITS is to assist national regulators with their supervisory overview through the collection of information, and to reduce compliance costs for firms, in particular for those that operate cross-border in the EU.

Regulatory Technical Standards setting out criteria for the assessment of intra-group transactions and risk concentrations under the FCIOD have been applicable across the EU since 2015.

Responses to the consultation should be submitted by August 15, 2019. It is anticipated that the final ITS would apply directly across the EU from January 1, 2020, but there would be a one-year implementation period.

View the consultation paper.

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