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EBA Backs LEI for CRR

On 28 October 2013, the European Banking Authority (EBA) published a press release and consultation paper on a draft recommendation on the use of Legal Entity Identifiers (LEIs).  The consultation remains open for comment until 28 November 2013.

The EBA has developed draft Implementing Technical Standards on Supervisory Reporting (ITS) pursuant to the Capital Requirements Regulation (CRR).  The ITS address the reporting of:

  • own funds and capital requirements;
  • financial information;
  • large exposures;
  • liquidity ratios;
  • leverage ratios; and
  • asset encumbrance.

From June 2014, National Competent Authorities (NCAs) are required to collect this data from a sample of institutions and submit it to the EBA.  A single supranational identifier of banks will assist in this regard.  Accordingly, the EBA recommends that all NCAs should request that institutions under their supervisory remit which are subject to reporting obligations under the CRR obtain a code issued by a pre-LEI code for all relevant entities within their group.  This requirement should take effect from:

  • 31 March 2014, for the institutions within the sample group, and
  • 31 December 2014 for all other institutions subject to the CRR.

 

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