On November 7, 2018, a Commission Implementing Regulation supplementing the EU Bank Recovery and Resolution Directive was published in the Official Journal of the European Union. The Implementing Regulation sets out Implementing Technical Standards on the information to be provided to resolution authorities to enable them to draw up and implement resolution plans for credit institutions or investment firms. Reflecting experience gained by resolution authorities in resolution planning, the Implementing Regulation repeals and replaces the existing ITS set out in Regulation (EU) 2016/1066, which specifies the procedure and introduced a minimum set of templates for the provision of information to resolution authorities.
The Implementing Regulation introduces a single data point model, as is the practice in supervisory reporting, and introduces common validation rules to safeguard the quality, consistency and accuracy of the data items reported by institutions. Detailed common validation rules will be published electronically by the European Banking Authority on its website.
The Implementing Regulation will apply directly across the EU from November 27, 2018. Transitional provisions will operate so that, for a financial year ending on a date between January 1 and December 31, 2018, the remittance date will be May 31, 2019 at the latest. For a financial year ending on a date between January 1 and December 31, 2019, the remittance date will be April 30, 2020 at the latest.
The Implementing Regulation ((EU) No. 2018/1624) is available at: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018R1624&from=EN.
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