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E U R O P E A N B A N K I N G A U T H O R I T Y
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The EBA published in December 2016 its
‘Guidelines on disclosure requirements under
Part Eight of Regulation (EU) No 575/2013’.
Following the release by the Basel Committee
on Banking Supervision (BCBS) of a revised
version of the
Pillar 3 framework (RPF)
in
January 2015, the EBA published its own-ini-
tiative guidelines to promote the harmonised
and timely implementation of the RPF in the
EU. The guidelines allow EU institutions to
implement the RPF in a way that is compliant
with the requirements of Part Eight of the CRR.
The
EBA’s database
was expanded to include
more than 300 risk indicators. This new data
set provides a wider and comprehensive set of
financial and risk information, supporting the
EBA to carry out its mandate to monitor and
assess market developments, as well as po-
tential risks and vulnerabilities across the EU
banking system. In 2016, data quality assur-
ance was one of the cornerstones of the EBA’s
work. On the one hand, the EBA invested sig-
nificant resources in developing and assessing
the adequacy of over 3 000 validation rules. On
the other hand, a new master data manage-
ment tool was implemented, improving the
overall quality of the supervisory report.
Following the European Systemic Risk Board
(ESRB) recommendation on funding of credit
institutions in 2012, the EBA developed har-
monised reporting of
banks’ funding plans
,
with the first regular reports in 2016.
Protecting consumers and monitoring
financial innovation and contributing
to secure, easy and efficient payment
services across the EU
The EBA’s work on
consumer protection is
aimed at reducing consumer detriment when
purchasing retail banking products and ser-
vices. The EBA identified poor remunera-
tion policies and practices as a key driver of
mis-selling of retail banking products and
services and to address these practices, the
EBA published in September 2016 the Final
Guidelines on remuneration policies and prac-
tices related to the sale and provision of retail
banking products and services. The EBA also
published, in March 2015, a decision specify-
ing the formula to be used by creditors when
calculating the benchmark rate under the
Mortgage Credit Directive (MCD).
The EBA continued developing three man-
dates under the Payment Accounts Directive
(PAD) in the first half of 2016: a Consultation
Paper on the Draft RTS setting out the Eu-
ropean Union’s standardised terminology for
the most common services linked to a pay-
ment account, a draft ITS on the standardised
presentation format of the fee information
document (FID) and its common symbol, and
a draft ITS on the standardised presentation
format of the statement of fees (SoF) and its
common symbol.
In the area of
financial innovation
, the EBA
published a Discussion Paper on innovative
uses of consumer data by financial institu-
tions and an opinion addressed to the Com-
mission, European Parliament and Council
on the Commission’s proposal to bring virtual
currencies into the scope of Directive (EU)
2015/849 (Fourth Anti-Money Laundering Di-
rective – 4AMLD).
Regarding
payment services
, the EBA deliv-
ered its final draft RTS on the separation of
card schemes from processing entities under
the IFR. It also continued contributing to the
implementation of PSD2, which entered into
force in January 2016 and entrusted the EBA
with the development of six technical stand-
ards and five sets of guidelines.