During a 4 day conference in Frankfurt which is currently underway the European Commission finally announced that the adoption of the CRD IV package will be subject to delay. This is no news to those who have been following the status of the implementation of the new regulatory regime but the regulatory bodies appear now to have aligned on the subject of when Common Reporting will be expected to be implemented.
The FSA announced on the 1st August 2012 that they would be making the necessary preparations to begin collecting data under Common Reporting for the period beginning 1st July 2013, subject to the legislation and related standards being finalised by this date.
Although this may be the case at the moment, the European banking industry are recommending a 12 month delay from the original implementation date of 1st January 2013.
A revised timetable is not yet available but firms should prepare to work towards ensuring they have the capabilities for COREP in place by 1st July 2013 as per the current estimated date provided by the EBA and FSA.
Further information released during this conference includes details on additional technical aspects of CRD IV Reporting.
ALMIS will provide further updates as and when any further information is made available.