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Summary of the Consultation Paper on the Extension of the CEBS's Supervisory Disclosure Framework

Introduction

The Consultation Paper outlines CEBS's initiative to extend its existing supervisory disclosure framework, which has been in place since early 2007, to cover additional areas of Community legislation. The framework aims to enhance transparency, promote a level playing field, and ensure consistent implementation of EU legislation across Member States. The consultation period runs until 16 October 2009, and responses should be sent to cp29@c-ecs.org. A public hearing is also planned on 5 October 2009 in London.

Core Content and Main Objectives

The paper focuses on the following areas for extension of the supervisory disclosure framework:

• Mergers & Acquisitions: To include general information on the transposition of Directive 2007/44/EC and the 3L3 guidelines, with a comparative overview of supervisory practices across Member States.
• Securitisation: To incorporate changes in the CRD, particularly Article 122a, and improve the Credit Risk Data template.
• Credit Risk Mitigation (CRM): To provide a clear overview of the use and implementation of CRM techniques in relation to the CRD.
• National Discretions: To include more than 20 national discretions from Directives 2006/48/EC and 2006/49/EC, and from the CRD2, while excluding those that are expired or not actual discretions.
• Pillar 2: To add qualitative information on the Supervisory Review Process (SREP), aiming for greater harmonisation and clarity.
• Pillar 3: To include information on the implementation of Pillar 3 requirements in Member States, including the determination of significant subsidiaries.

Key Information and Methodology

CEBS has developed new templates and guidance to support the extension of the framework. These templates are designed to provide a more structured and granular overview of supervisory practices and to ensure consistency across Member States.

The methodology includes:

• Streamlining the wording of the template columns.
• Customising the template to better reflect national practices.
• Adding a drop-down menu for easier selection of options.
• Hyperlinks to national provisions and guidance.
• Automatically totalling entries in the last three columns for quick reference.

Draft Templates and Guidance

Pillar 2

The revised SREP template includes the following areas for disclosure:

• Scope of Application of SREP: Information on which entities are included in the SREP and how proportionality is addressed.
• Individual Risk Assessment: Overview of the process, including criteria and scoring methodology.
• Review and Evaluation of ICAAP: Information on the submission process and whether an independent review is required.
• Overall Assessment and Supervisory Measures: Details on the implications of non-compliance with legal provisions.

Pillar 3

The Pillar 3 template provides information on the implementation of Pillar 3 requirements in Member States, including:

• Content of disclosures: What disclosures are required.
• Frequency and deadline for publication: How often and when disclosures must be published.
• Media and location for disclosures: Specific media and locations used for disclosures.
• Means of verification: How credit institutions verify disclosures not covered by statutory audit.
• Significant Subsidiaries (EEA): Criteria for determining significant subsidiaries, information requested from them, and exemptions based on comparable disclosures.
• Guidance / recommendations from national supervisors: Any additional guidelines or recommendations provided by national supervisors.

National Discretions

The revised national discretions template includes:

• New discretions: More than 20 discretions from Directives 2006/48/EC and 2006/49/EC, and from the CRD2.
• Excluded discretions: Those that have expired, are not actual discretions, or cannot be included due to their nature.
• Sub-divided discretions: Specific provisions are split for greater clarity and comparability.
• Stable discretions: Only those discretions that are considered stable (i.e., not likely to change with future revisions) are included.

Questions to the Industry

CEBS invites industry stakeholders to provide feedback on the following:

1. Added Value: Whether the identified information for supervisory disclosures adds value and how it would be used.
2. Statistical Data: Whether more statistical data in the identified areas would be helpful and the usefulness of the current data.
3. Additional Areas: Whether the planned disclosures are sufficient or if there are other areas where additional information would be beneficial, along with specific proposals.
4. Granular Disclosures: Whether more detailed disclosures on the national supervisory authorities' websites would be of interest and how they would benefit the industry.

Conclusion

The consultation paper presents a comprehensive proposal to extend the CEBS supervisory disclosure framework to cover more areas of Community legislation, including Mergers & Acquisitions, Securitisation, CRM, Pillar 2, Pillar 3, and national discretions. The goal is to improve transparency, harmonisation, and consistency across the EU. CEBS is seeking industry input to refine and improve the framework, ensuring it meets the practical needs of stakeholders and supports effective supervision.