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CEBS Guidelines on Supervisory Disclosure - Summary

Core Content

The CEBS (Committee of European Banking Supervisors) Guidelines on Supervisory Disclosure aim to establish a common European framework for supervisory transparency, with the objective of enhancing the effectiveness and legitimacy of banking supervision across the EU. The framework is designed to support the implementation of the Capital Requirements Directive (CRD), particularly its provisions related to Basel II, and to promote convergence in supervisory practices.

Main Objectives

• Enhance supervision effectiveness: By facilitating interaction between institutions and competent authorities, and by ensuring clarity and transparency of rules.
• Promote a level-playing field: By enabling meaningful comparisons of supervisory approaches across Member States.
• Support transparency and accountability: By making supervisory information more accessible and ensuring that supervisors are held accountable to governmental, industry, and public stakeholders.

Key Features of the Framework

1. Internet Architecture and Format

• A two-tiered structure is proposed:
  • The CEBS website serves as a centralized repository for summary information.
  • National supervisory authorities' websites provide detailed and exhaustive disclosures.
• The framework encourages the use of common formats and standardized information tables to ensure consistency and ease of comparison.
• Hyperlinks between CEBS and national websites are used to facilitate navigation and reduce duplication of effort.
• The use of common templates is not mandatory and allows flexibility for national authorities to maintain their existing disclosure systems.

2. Content of Disclosure

The framework is structured around four main areas of disclosure, aligned with Article 144(1) of the CRD:

• Rules and guidance: Includes national laws, regulations, administrative rules, and general guidance related to prudential supervision.
• Options and national discretions: Explains how Member States exercise the options and discretions provided by EU legislation.
• Supervisory review: Provides general criteria and methodologies used in supervisory review and evaluation processes.
• Statistical data: Offers aggregate data on key aspects of the implementation of the prudential framework, including Pillar 1 and Pillar 2 data.

3. Implementation and Updating

• The framework will be implemented by CEBS and national authorities by year-end 2006 for qualitative information and by mid-2008 for statistical data.
• The templates are tentative and will be updated as needed to reflect changes in the CRD and CEBS work streams.
• The framework is designed to be simple, flexible, and user-friendly, allowing for regular updates and adaptations.

4. Language and Accessibility

• The framework is written in English, the working language of CEBS.
• Non-English-speaking countries will provide disclosures in English on a best-efforts basis, but national language versions must be available first.
• The CEBS website provides a demonstration of the framework's functionality at: www.c-ecs.org/Supervisory-Disclosure.aspx.

5. Confidentiality and Flexibility

• The framework does not override confidentiality principles, and no specific institution-related decisions should be disclosed.
• It includes a disclaimer to address potential legal liabilities arising from translations.
• Flexibility is emphasized in both technical implementation and the scope of disclosures, allowing for adaptation to different national contexts and regulatory needs.

Key Information

• The framework is based on Article 144 of the CRD, which mandates the disclosure of prudential regulations and supervisory practices.
• The goal is to enable meaningful comparisons of supervisory approaches, which is essential for supervisory convergence in the context of European financial market integration.
• The templates are designed to be complementary, with summary tables on the CEBS website and detailed tables on national websites.
• The framework supports statistical analysis through a centralized database of aggregate data.

Conclusion

The CEBS Guidelines on Supervisory Disclosure represent a significant step towards greater transparency in European banking supervision. By promoting a standardized, accessible, and flexible disclosure framework, the guidelines aim to enhance the legitimacy and effectiveness of supervisory practices, support convergence across Member States, and ensure that supervised institutions and other market participants have access to clear and comparable information.