Regulatory Alerts2020-12-23
Communication of December 23, 2020 - Implementation for Financial Intermediaries of EBA Guidelines on Reporting Obligations under Regulation 873/2020 (CRR Quick-fix)
The Bank of Italy, through this communication dated December 23, 2020, implements the European Banking Authority (EBA) Guidelines on supervisory reporting and disclosure obligations for financial intermediaries, in line with the CRR Quick-fix (Regulation 873/2020) in response to the COVID-19 pandemic. These guidelines provide clarifications on reporting templates, specifically addressing prudential treatment for credit risk (SMEs, infrastructure exposures, guaranteed loans) and own funds (temporary prudential filter for unrealized gains/losses, and IFRS 9 transitional provisions). This binding regulatory act for financial intermediaries and groups takes effect upon publication, with its provisions applying to reports from the first reference date following its entry into force.