CEBS published the summary of the hearing on the future developments of supervisory reporting.
Participants agreed with in general the main findings of the assessment study, although they expressed that the implementation of COREP became quite burdensome and that the current product does not met the evolving expectation from part of the cross-border industry.
The participants discussed the main concerns raised by the crossborder operating groups included in the socalled Operational Network Platform. CEBS concluded that it intends to undertake a number of projects in the near future.
Mr. Vossen introduced the tentative actions which CEBS would undertake in 2008. A first action dealt with the current differences in reporting procedures. It was proposed to develop standardised remittance dates for the COREP reporting framework as well as standardised frequencies for COREP and FINREP reporting. The reactions from participants were mixed.
Another way forward presented by CEBS in streamlining the current supervisory reports, was to perform user tests in 2008 to more precisely determine the added value of the information received. The participants generally favoured this approach and expressed their interest in participating on these exercises.
Finally, participants were presented a number of areas which may be relevant in the future of supervisory reporting.
Summary
© Graham Bishop
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article