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2 0 1 2 a n n u a l r e p o r t
In the course of the development of these
draft RTS, it became evident that while from a
supervisory viewpoint it was imperative to in-
clude certain requirements, given the bounda-
ries of the mandate in the EU law it was not
possible to include them in the RTS stemming
from the EMIR. This led to the issuance by the
EBA of an opinion addressed to the European
Commission in view of giving the possibility to
the national supervisory authorities (NSAs) of
applying additional capital requirements for
risks not fully covered by the capital require-
ments in Article 16(2) EMIR, similarly as ‘Pillar
2’ requirements in the banking sector. In addi-
tion, this opinion elaborates on the treatment
of intra-day exposures and the treatment of
interoperability arrangements for non-cash
products. It is the EBA’s view that these points
should be accommodated in some part of the
EU rulebook on the capital for CCPs.
b. Facilitating the implementation of the
forthcoming regulatory framework
Providing transparency on reporting liquidity
and launching a voluntary exercise
In June 2012, the EBA launched a 3-month
consultation on draft implementing techni-
cal standards (ITS) on supervisory reporting
requirements for the liquidity coverage and
net stable funding reporting. These ITS, which
stem from Article 403(3)(a) of the draft CRR,
aim at providing national authorities with har-
monised information on institutions’ liquid
assets, inflows and outflows and their stable
sources of funding using uniform reporting
formats developed by the EBA.
The purpose of collecting this information is
twofold: (i) to inform the economic impact as-
sessment of the liquidity requirements the
EBA is asked to perform during the LCR moni-
toring period, and (ii) to enable competent au-
thorities to monitor institutions’ compliance
with the liquidity requirements once they have
been introduced as binding minimum stand-
ards. The EBA received 28 responses to its
public consultation. In the absence of a final
CRR text, it was not possible to publish a fi-
nalised draft ITS. However, in order to provide
transparency and facilitate the institutions’
timely preparation towards a harmonised li-
quidity ratio reporting, the EBA published
feedback documents and amended templates
following its consultation on 20 December 2012.
In order to inform its economic impact assess-
ment on liquidity regulation, the EBA had already
started in December 2011 to monitor the liquid-
ity coverage requirement. This exercise, done on
a voluntary basis, will continue throughout 2013
before being replaced by mandatory liquidity
reporting on the basis of the above ITS.
September 2009 November 2011
G20 commitment on central clearing and margin requirements for OTC derivatives
March April 2012
EBA–ESMA–EIOPA discussion paper on margin requirements
April 2012
CPSS and IOSCO principles for financial market infrastructures
July 2012
EMIR published in the Official Journal of the EU
July September 2012
BCBS and IOSCO consult on margin requirements for non-centrally cleared OTC derivatives
December 2012
EBA opinion on recovery and resolution of non-bank financial institutions
February 2013
BCBS and IOSCO second consultation on principles on margin requirements for non-centrally cleared OTC derivatives
EBA–ESMA–EIOPA consultation and final technical standards on margin requirements
Figure 1: Market infrastructures and OTC derivatives: key dates and milestones