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CEBS Guidelines on Supervisory Disclosure - Revised Summary

Core Content

The CEBS (Committee of European Banking Supervisors) Guidelines on Supervisory Disclosure aim to establish a common European framework for supervisory transparency. This framework is designed to enhance the effectiveness and legitimacy of banking supervision across the EU by promoting consistency and comparability in supervisory practices.

The guidelines are aligned with the Capital Requirements Directive (CRD) and its amendments, and they support the objectives of the Basel Committee on Banking Supervision, particularly the need for transparency and accountability in supervisory activities. The framework includes provisions for both qualitative and quantitative disclosures, enabling institutions, market participants, and supervisors to compare regulatory approaches and practices across Member States.

Main Objectives

• Enhance supervision effectiveness: By facilitating interaction between institutions and supervisors, addressing the need for clarity and transparency, and providing easy access to disclosed information.
• Promote a level-playing field: Through meaningful comparisons of supervisory approaches, which in turn supports convergence of practices across Europe.

Key Features of the Framework

1. Internet Architecture and Format of Publication

• A two-tiered architecture is proposed, consisting of:

  • CEBS website as a centralised repository for summary-level information, enabling cross-country comparisons.
  • National supervisory authorities' websites for detailed and exhaustive information.

• Standardised templates are used to ensure consistency in the presentation of information across Member States.

• Hyperlinks are used to connect the CEBS website with national websites, allowing for seamless navigation.

• Non-English-speaking countries are encouraged to provide disclosures in English on a best-efforts basis, but must ensure the information is available in the national language first.

2. Content of Disclosure

The framework is structured around four main sections, each corresponding to a sub-paragraph of Article 144(1) of the CRD:

• Rules and guidance: Includes national laws, regulations, administrative rules, and general guidance related to prudential supervision.
• Options and national discretions: Details how Member States exercise the options and discretions available under the CRD.
• Supervisory review: Covers the general criteria and methodologies used in supervisory review and evaluation processes.
• Statistical data: Provides aggregate data on key aspects of prudential framework implementation across Member States.

3. Updating and Monitoring

• The framework is regularly updated to reflect changes in the CRD and CEBS work streams.
• CEBS monitors the framework through its Secretariat and provides an annual report to the European Commission to assess the achievement of the goal of meaningful comparison.
• Flexibility is encouraged in the implementation, allowing for adjustments based on the needs of different jurisdictions and confidentiality considerations.

Implementation Timeline

• The framework was initially designed in 2007 and focused on Basel II-related provisions.

• It was to be implemented by end 2006 for qualitative information and mid-2008 for statistical data.

• A first update in 2009 extended the framework to include:

  • Mergers & Acquisitions
  • Securitisation
  • CRM (Credit Risk Management)
  • National discretions in the CRD
  • Pillar 2 and Pillar 3

• The revised framework was to be implemented by 31 March 2010, with some provisions (e.g., securitisation) to be implemented by 31 December 2010.

• Large exposures national discretions were to be disclosed from end January 2011.

Basic Principles

• Neutrality: The framework does not impose a specific legal framework but aims to record and transmit factual information.
• Confidentiality: No individual supervisory actions or decisions directed at specific institutions should be disclosed.
• Resource efficiency: The framework is designed to avoid excessive administrative burden and to be technically flexible.
• Standardisation: Common formats and structures are recommended to ensure comparability and ease of use.

Additional Information

• A contact information page is included, listing details of CEBS members, the Secretariat, and communication officers.
• Explanatory texts, such as FAQs, are not required to follow a common structure, but may be included if deemed necessary.
• CEBS provides disclaimer templates to address potential legal liabilities arising from translations of national documents.

Conclusion

The CEBS Supervisory Disclosure framework is a key tool for enhancing transparency and accountability in European banking supervision. It supports the convergence of supervisory practices, provides a structured and accessible way for institutions to understand regulatory requirements, and ensures that supervisory information is comparable across Member States. The framework is continuously updated and monitored, and is designed to be adaptable to future regulatory changes.