Regulatory Alerts2020-09-14
Implementation of EBA Guidelines amending EBA/GL/2018/01 on the transitional period to mitigate the impact of IFRS 9 on own funds
The Prudential Control and Resolution Authority (ACPR) declares compliance with EBA Guidelines EBA/GL/2020/12, which amend uniform reporting requirements under Article 473bis of the CRR regarding the IFRS 9 transitional period. These guidelines apply to credit institutions and investment firms under ACPR supervision from August 11, 2020, until the end of the specified transitional period. Affected entities are required to make all reasonable efforts to comply with these guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010.
NOTICE Implementation of the European Banking Authority (EBA) Guidelines (EBA/GL/2020/12) amending the EBA Guidelines EBA/GL/2018/01 on uniform reporting under Article 473bis of Regulation (EU) No 575/2013 (CRR) regarding the transitional period to mitigate the impact of the introduction of the IFRS 9 standard on own funds in order to ensure compliance with the CRR quick fix in response to the COVID-19 pandemic
The Prudential Control and Resolution Authority (ACPR) has declared compliance with the European Banking Authority (EBA) Guidelines (EBA/GL/2020/12) amending the EBA Guidelines EBA/GL/2018/01 on uniform reporting under Article 473bis of Regulation (EU) No 575/2013 (CRR) regarding the transitional period to mitigate the impact of the introduction of the IFRS 9 standard on own funds in order to ensure compliance with the CRR quick fix in response to the COVID-19 pandemic.
The Guidelines are attached to this Notice. These Guidelines are applicable by credit institutions and investment firms other than holding companies which are under the supervision of the ACPR, under the conditions set out in paragraph 6 of the Guidelines, from 11 August 2020 and until the end of the transitional period referred to in paragraph 7 of the Guidelines. They must make all reasonable efforts to comply with them, in accordance with the provisions of Article 16 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority).