The European Banking Authority (EBA) has published its final draft Implementing Technical Standards (ITS) to establish a centralised Pillar 3 data hub, streamlining prudential disclosures through a single access point on the EBA website. This initiative forms part of the CRR3/CRD6 Banking Package and aligns with the Basel III reforms.
Simplifying Prudential Disclosures
The ITS outlines technical requirements for large and other institutions, including IT solutions, data formats, and validation processes. Institutions will benefit from a transition period (June–December 2025) to adapt to the new system.
The EBA also conducted a pilot exercise and incorporated feedback from the consultation phase to refine the standards, ensuring smoother implementation. An onboarding communication plan with detailed guidance is expected by the end of Q1 2025.
Towards Greater Transparency
Under CRR3 (Articles 434 and 434a), the EBA is mandated to make prudential disclosures publicly accessible via a central hub, enhancing data transparency and accessibility for all stakeholders. A separate consultation for small and non-complex institutions and the resubmission policy is planned for the first half of 2025.
This initiative marks a significant step forward in strengthening Europe’s prudential framework, promoting a more transparent and resilient banking sector.
To find out more details please visit : https://www.eba.europa.eu/