08 June 2007

EBF Response to CEBS Consultation on Financial Reporting

The EBF issued its final response to the CEBS formal consultation on amendments to its Guidelines on Financial Reporting. EBF stresses that the CEBS Guidelines on Financial Reporting should remain nonbinding and that regulators should not be obliged to adopt the Guidelines.

“Also, in some countries the banking industry considers FINREP to be unnecessary and duplicative of IFRS requirements”, EBF states. “In these Member States there is a strong belief that IFRS requirements are sufficient and regulators should not require information, in whatever guise, above the scope of the IFRS”. The optional character of FINREP should therefore be retained with the guidelines being made available to supervisors in those jurisdictions which choose to follow the approach.

EBF finally notes that institutions active across jurisdiction borders should be able to use one centralised information/reporting system in order to meet all the reporting requirements of different countries. “Although FINREP does not and should not harmonize the amount of financial information within the EU it should be possible for institutions operating cross border to work on the basis of a unique reporting format, from which data may be extracted according to different regulators’ requirements”, EBF states.

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