On October 23, 2014, the ECB launched a consultation on its proposed regulation on the reporting of supervisory financial information under the SSM. The ECB is proposing to extend the current supervisory financial requirements to all banks

within the SSM to capture consolidated and solo entity reports of banks under national accounting frameworks (referred to by the ECB as “National GAAPs”). The current supervisory financial reporting requirement, as set out on the implementing technical standards (“ITS”) on supervisory reporting under the Capital Requirements Regulation (“CRR”), only applies to banks applying International Financial Reporting Standards at a consolidated level. The ECB is proposing reduced reporting requirements for less significant banks under its remit, together with an extended timeline for implementation. Responses to the consultation are due by December 4, 2014.

The consultation paper is available at:

https://www.ecb.europa.eu/ssm/consultations/shared/pdf/reporting/draft-ssm-repor ting-regulation201410.en.pdf?7cc46a044c7e1f1f0a7434576a3e1212.