The FSA is proceeding with the necessary preparatory work to be ready to begin collecting data under Common Reporting for the period beginning 1 January 2014, should the legislation and related standards be in force by this date.
The original proposed deadline for entry into force of the draft EU legislation to update the framework for capital requirements (CRD IV) has now passed. Negotiations between the European Parliament, European Commission and Council of Ministers to finalise the legislation are still underway.
The FSA continues to take all action it can to prepare for implementation of CRD IV and continues to expect firms to do the same. Taking into account the further slippages in the negotiation timetable, the FSA now expects to be able to begin collecting data under Common Reporting for the period beginning 1 January 2014, should the legislation have entered into force by this date.
The European Commission’s proposals for CRD IV, consisting of a Regulation and a Directive, had an implementation date of 1 January 2013, in line with the implementation date of the Basel III agreement. Due to the continued negotiations between the European Commission, Parliament and Council, this proposed implementation date has now passed. No alternative date has yet been communicated by the EU institutions.
The introduction of Common Reporting, which is incorporated into the requirements in CRD IV, is dependent on delivery of the necessary technical systems and on implementing technical standards to be drafted by the European Banking Authority and adopted by the European Commission.
The FSA is proceeding with the necessary preparatory work to be ready to begin collecting data under Common Reporting for the period beginning 1 January 2014, should the legislation and related standards be in force by this date.
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