The CEBS has published principles for disclosures in times of stress intended to guide financial institutions in the preparation of public disclosures made to conform with existing disclosure requirements or recommendations or on an ad-hoc basis, incorporating the lessons learned from the financial crisis. The guidelines are divided into three different parts, discussing respectively:

  • general principles to be applied to high quality disclosures;
  • principles dealing with the content of disclosures on areas or activities under stress, in particular for the following topics: business models, impacts on results and risk exposures, impact on financial position, risk management and critical accounting issues;
  • guidance on presentational aspects of disclosures.

The guidelines are based on an industry response to a public consultation circulated in October 2009 followed by a public hearing in January. They address the main issues raised by market participants.