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The amending regulation (EU) No 2019/876 (‘CRR2') introduced new disclosure requirements for institutions, and a mandate for the EBA to implement them in a way that conveys sufficiently comprehensive and comparable information for market participants to assess the risk profiles of institutions (Article 434a of the CRR2). The new ITS aim to reinforce market discipline, by increasing consistency and comparability of institutions' public disclosures, and to implement the CRR2 regulatory changes in alignment with the revised Basel Pillar 3 standards.
The all-inclusive ITS provide a complete Pillar 3 disclosure framework that seeks to facilitate its implementation by institutions and to improve clarity for users of information. The disclosure ITS have been developed fostering consistency with supervisory reporting, and a mapping between quantitative disclosure data and reporting is provided in order to facilitate compliance by institutions.
This consultation paper is the first one of the deliverables that will be presented in a forthcoming EBA roadmap on institutions' Pillar 3 disclosures. That roadmap, which will be published in Q4 2019, provides an overview of the EBA Pillar 3 strategy, deliverables and timeline for the implementation of all the disclosure requirements included in the CRR2/BRRD2, including ESG risks and climate change related information, as well as the disclosure requirements for investment firms under the IFR.
Responses to this consultation can be sent to the EBA by 16 January 2020. A public hearing on this consultation will take place at the EBA premises on 2 December, from 14:00 to 16:00 CET time.