CEBS publishes today its revised guidelines on financial reporting (FINREPrev2). The revision of the guidelines is part of CEBS’s effort to streamline reporting requirements for supervised institutions, nsistent with the remmendations of the Financial Services mittee Report on Financial Supervision (the Franck Report) and the White Paper of the mission on Financial Services Policy -2005-2010.

The revised guidelines provide for a maximum data model that will ensure a greater degree of harmonisation of regulatory reporting requirements in Europe.

Agreed changes in IFRS have been inrporated into the revised FINREP. In 2010, further major changes to the acunting standards are expected which will impact FINREP. CEBS will review the revised FINREP in due urse to take acunt of the changes that may arise in IAS 39, as well as IAS 1.

The application date for the revised FINREP will be 1 January 2012.

In drafting FINREP, CEBS received input from the industry. A summary of the key points arising from the nsultation, the analysis and discussion triggered by these mments and the actions taken to address them was published on 21 October on CEBS’s web

The main features of the revised guidelines are as follows:

FINREP application. To avoid distortion of mpetition and to improve the supervision of cross-border banking groups, CEBS remmends that the guidelines should be applied by all supervisors although making the FINREP reporting mandatory in all Member States is currently outside CEBS’s mandate. However, a strong “mply or explain” clause has been introduced in the guidelines in order to enhance their implementation and give transparent reasoning for their non-application (including use of alternative means by national supervisors to llect financial information).

Maximum data model. When applied, FINREP will be the only nsolidated financial reporting for prudential supervision by individual banking groups. The revised guidelines ask for a firm mmitment from local regulators to apply this principle. On the whole, FINREP’s maximum data model mprises two sets of templates: two RE templates which must be implemented by all national jurisdictions and twenty three NON-RE templates which can be implemented at the discretion of national jurisdictions.

A streamlined reporting package. The revised FINREP will bring about a rction in the global reporting burden for supervised institutions. For example, the number of templates included in FINREP is rced from 39 to 25.

FINREP spe of nsolidation. The CRD spe of nsolidation will be applied to all FINREP templates. However for a limited set of FINREP templates national supervisors will be allowed to ask for data to be reported on an IFRS spe in addition to the CRD spe.

Frequency and remittance dates. The maximum frequency will be quarterly reporting, keeping the option for supervisors to ask for less frequent reporting. On remittance dates for FINREP data, a rridor approach will be retained, leaving the option for national supervisors to receive data between 20 and 40 business days.

IAS/IFRS amendments. In order to avoid rndant and stly IT system changes CEBS will take into acunt agreed changes to IAS/IFRSs before starting implementing the revised FINREP framework (in particular, the recent IASB project on IAS 39 replacement and the proposal on IAS 1). A dedicated team nsisting of acunting and reporting experts will monitor IASB proposals in order to assess the impacts on the FINREP framework. The revised guidelines on financial reporting will be reviewed in due urse to take acunt of changes that are agreed in the future.

Implementation deadline. The application date of the revised FINREP will be 1 January 2012. CEBS expects the first reporting date to be 31 March 2012.

The mittee of European Banking Supervisors (CEBS) is mposed of high level representatives from the banking supervisory authorities and central banks of the European Union. CEBS’s main tasks are to advise the mission in the field of banking activities, to ntribute to the nsistent implementation of munity Directives and to the nvergence of supervisory practices, and to enhance supervisory -operation. The mittee is chaired by Mr. Giovanni Carosio. The CEBS Secretariat is based in London. The Secretary General of the mittee is Mr. Arnoud Vossen.

ments about XBRL in the Guidelines:

3. Use of XBRL

9 The use of a mmon IT solution is requested to increase harmonisation and to rce the reporting burden and sts of financial reporting.

10 CEBS has translated FINREP’s items into XBRL, the FINREP XBRL taxonomy.

11 The use of XBRL for reporting purposes is not mandatory for the national authorities. However, CEBS highly remmends its use in order to achieve its goals of harmonisation and rction of the reporting burden.

12 FINREP XBRL taxonomy can be downloaded from the CEBS web and is freely available (no royalty fee). Technical IT documentation is publicly available on the CEBS web and at .