IFR&IFD: Catching up with the EBA timeline

In June of the previous year, the EBA published a roadmap showing the “way to go” in implementing the new regime for investment firms, referred to as the IFR&IFD. Now, approximately two months before the “go-live” date, we take a look at what is coming in the next months. The Investment Firms Regulation becomes applicable on June 26th, 2021 and EU Member States are required to publish measures necessary to comply with the Investment Firms Directive by the same date.

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Phase 2 of the 3.0 reporting framework published by EBA

On the 18th of March, EBA published the second phase of the 3.0 reporting framework.
The 3.0 reporting framework is comprised of amendments that are linked to the CRD V and CRR II package, BRDD2 and IFR, and is expected to become applicable from 30th June 2021.
The EBA 3.0 “Phase 2” release covers MREL, AE, GS-II IMPRAC and REM frameworks.

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Lens on the IFR&IFD regime: Potential implications for reporting answered in 3 questions

Within the euro area, the non-banking sector currently accounts for 55% of the financial sector, compared to 14% thirteen years ago- in 2008. Whereas the foremost regulatory focus has been on the importance of supervision over the banking and insurance sectors, non-banking entities have become significant players and contributors to the financial landscape as a whole. This, coupled with drivers of change, such as innovation sweeping through the financial landscape and the increasing number of digitally provided services, has triggered regulatory changes to encompass these trends. As a result, investment firms within the EU will fall under regulations specified by the Investment Firms Regulation and Directive (IFR&IFD) from 26 June 2021.

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XBRL implementation in Hungary

The Central Bank of Hungary has announced that starting on 12 October 2020, XBRL format will become mandatory for all prudential reports created according to European taxonomies as published by the European Banking Authority and the Single Resolution Board. The XBRL format was expected to become obligatory at the beginning of 2020 but due to Covid-19 pandemic this was postponed giving the banking sector more time to prepare for XBRL reporting.

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EBA 2.10 Reporting Framework webinar

EBA 2.10 reporting framework published by the European Banking Authority will be obligatory to apply by financial institutions in their reporting by the end of 2020. Some changes – like Supervisory Benchmarking IMV will apply from September, while other (Funding Plans, Remuneration, Fraudulent Payments and Resolution) from December 2020.

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Changes in EBA reporting framework – EBA 2.10

In April 2020 the European Banking Authority (EBA) published Reporting Framework 2.10 including validation rules, Data Point Model dictionary (DPM) and XBRL Taxonomy. The main changes in 2.10 package include updated Guidelines on Funding Plans, technical amendments to the Resolution framework, and integration of Remuneration benchmarking templates and Fraudulent Payments into DPM and XBRL taxonomies. The changes will apply from 31 December 2020.

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