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The European Banking Authority (EBA) today launched a public consultation on two draft Implementing Technical Standards (ITS) amending Pillar 3 disclosures and supervisory reporting requirements for operational risk. These consultations complement two additional consultation papers on Pillar 3 and supervisory reporting published on 14 December 2023, in line with the roadmap for the implementation of the EU Banking Package. The consultations run until 30 April 2024.
The alignment of the disclosure requirements with the Basel III framework and its integration with reporting will promote comparability and consistency of the information.
These amending ITS implement the new Capital Requirements Regulation (CRR3) reporting and disclosure requirements linked to the introduction of the revised framework for the calculation of own funds requirements for operational risk. The consultations are part of phase 1 in the implementation of the EU Banking Package, which also includes the two consultations published in December 2023 covering the disclosure and reporting requirements for output floor, credit risk (also IP Losses), credit valuation adjustment (CVA), market risk and leverage ratio.
With these ITS, the EBA aims to bring under one single document both the reporting and disclosure requirements for operational risk and the broader Pillar 3 disclosures and supervisory reporting CRR3 changes (already under consultation) so as to provide certainty to banks as soon as possible. This also explains the shorter consultation period.
These consultation papers should be read in conjunction with the consultation papers on the new framework for the business indicator for operational risk, also published today.