Committee on Systemic Risks and Systemic Financial Institutions

Communication CREFS_2010_02 of 30 November 2010

Communication to Systemic Financial Institutions

Scope:

The systemic financial institutions referred to in Article 2, paragraph 1, point 40, of the Act of 2 August 2002 on the supervision of the financial sector and financial services, as listed by the CREFS.

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Madam, Sir,

I refer to the circular of 26 October 2010 (circular CREFS_2010_01) and, in particular, to the 'base report' providing an overview of the various aspects of the activities, risk position, and financial situation of your institution, which the Committee on Systemic Risks and Systemic Financial Institutions (hereinafter 'the CREFS') requested be transmitted by 1 January 2011 at the latest.

The CREFS has decided to extend the deadline within which institutions must prepare the aforementioned report. The new submission date is set for 31 January 2011. This measure has the advantage of aligning the process of preparing the base report - including submission deadlines - with the requirements imposed on institutions regarding the management report on the assessment of the internal control system (see the circulars of the CBFA of 9 May 2008 (CBFA_2008_12) and 24 June 2009 (CBFA_2009_26), applicable respectively to the banking sector and the insurance sector). The other provisions of the circular of 26 October 2010 remain fully in force.

The CREFS hopes thereby to also address the concerns raised regarding the short time frame provided for the submission of the report.

A copy of this communication is sent to the statutory auditor of your institution.

Please accept, Madam, Sir, the assurance of my distinguished consideration.

The President,

Guy QUADEN.

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