EBA欧洲银行-Public-hearing_Detailed-records-of-fiancial-contracts-8-may-2015_13页_883kb

报告摘要

EBA RTS on Detailed Records of Financial Contracts Summary

Core Content

The European Banking Authority (EBA) has issued a Regulatory Technical Standard (RTS) on detailed records of financial contracts, aimed at supporting the effective application of resolution powers under the Bank Recovery and Resolution Directive (BRRD). The RTS outlines the conditions under which financial institutions and relevant entities must maintain detailed records of financial contracts and defines the minimum set of information required for such records.

Main Provisions

Mandate: The EBA is required by Article 71(8) of the BRRD to develop draft regulatory technical standards (RTS) for detailed records of financial contracts. This mandate is based on Article 71(7) of the BRRD, which allows competent or resolution authorities to require institutions to maintain such records.
Scope: The RTS applies only to financial contracts as defined in Article 2(100) of the BRRD, which is broader than the definition of derivatives under EMIR.
Requirements:
- Institutions or entities must maintain detailed records of financial contracts if their resolution plan or group resolution plan anticipates the application of resolution actions under certain conditions.
- The requirement is not automatic for institutions likely to be placed into insolvency.
- A minimum set of information must be recorded, as outlined in Article 3 and the Annex to the draft RTS.
- The Annex is aligned with the Commission's delegated regulation (EU) No 148/2013 (ESMA RTS on EMIR) on reporting to trade repositories.
- The RTS does not provide a template, and institutions are only required to provide information when requested by competent or resolution authorities.

Main Goals

Enhance Preparedness: Ensure that institutions are prepared to maintain and provide detailed records of financial contracts when resolution actions are applied.
Ensure Proportionality: Define the circumstances and information required in a way that is proportionate to the resolution objectives.
Facilitate Cooperation: Promote common understanding and cooperation among authorities, especially for cross-border institutions and entities.

Circumstances for Imposing the Requirement

The draft RTS specifies that detailed records of financial contracts must be maintained by an institution or relevant entity only if it is foreseen in its resolution plan or group resolution plan that resolution actions would be applied to it under certain conditions. This ensures that:

Institutions that are likely to be subject to resolution actions prepare in advance by maintaining necessary information.
Institutions that are likely to be placed into insolvency are not automatically required to maintain detailed records.

Minimum Set of Information

The Annex to the draft RTS defines a minimum set of information that must be included in detailed records. Key points include:

The information is aligned with the Commission's delegated regulation (EU) No 148/2013.
Only a limited number of new fields have been introduced, focusing on data critical for resolution purposes.
The RTS does not provide a template for record-keeping.
Institutions are required to provide the information only upon request from competent or resolution authorities.

Specific Questions for Consultation

The EBA has proposed the following questions for consultation:

Do you agree with the circumstances in which the requirement to maintain detailed records shall be imposed?
If not, what alternative trigger could be used?
Do you agree with the list of information set out in the Annex?
If not, what alternative approach could ensure proportionality?
Do you agree that the same structure as in Commission's delegated regulation (EU) No 148/2013 should be maintained?
Would it be possible and helpful to explicitly define which data points should be collected at a "per trade" level and which at a "per counterparty" level?

Next Steps

The consultation period closes on 6 June 2015.
The RTS is expected to be finalised in Q3 2015.
The final draft RTS will be submitted to the European Commission by 3 July 2015.