On 2 May 2023, the European Banking Authority (EBA) published the first version of a new “interactive” signposting tool for supervisory reporting.
The new Tool comes in response to recent changes in the costs of supervisory reporting requirements based on the size of the institute, and has the aim of supporting banks in identifying and understanding the new requirements applicable , and assisting them in the process of conformity to these.
The Tool therefore will be of help to institutions of different sizes and complexity , providing assistance, both in identifying which of the recently introduced requirements are applicable based on the activities they perform , and also in their understanding of the Legislation.
The signposting tool comes in response to one of the recommendations in the EBA Report of June 2022 on the cost of compliance with supervisory reporting requirements.
Finally, the EBA specified that it does not assume any liability for the Tools contents, which are meant to be used solely for orientation purposes and have no legal effect . Rather, institutions using it are advised to always consult the updated versions of the legal acts available in the Official Journal of the European Union.