The EBA’s RTS further specify the minimum set of the information on financial contracts that should be contained in detailed records and the circumstances under which the requirement to maintain such detailed records should be imposed.
These European Banking Authority’s(EBA) standards aim to achieve a consistent and systemic approach to ensure that competent and resolution authorities are able to quickly and directly obtain relevant information on financial contracts from the institutions and relevant entities in order to support the application of resolution powers or resolution tools.
This is expected to facilitate cooperation and common understanding among authorities, in particular as regards institutions and entities with cross-border operations. The information might be also used for derivatives valuation.
The RTS do not introduce additional reporting obligations. Institutions and relevant entities will be required to maintain detailed records on an ongoing basis, which will be made available to relevant authorities, if requested.
Press release
Final draft RTS
© EBA
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