FINREP reporting requirements

According to Article 99 (2) of Regulation (EU) No 575/2013 (CRR), institutions subject to International Accounting Standards (IAS) in accordance with Article 4 of Regulation (EC) No 1606/2002 and credit institutions other than those referred to in Article 4 of Regulation (EC) No 1606/2002 that prepare their consolidated accounts in conformity with the international accounting standards adopted in accordance with the procedure laid down in Article 6(2) of that regulation shall report financial information. In accordance with Article 9 of Regulation (EU) No 680/2014 (ITS on Supervisory Reporting), the first reporting reference date for FINREP shall be the closest reference date following the date at which the applicable criteria were triggered, i.e. the first reference date for supervisory reporting at which the entity prepared its financial statement in accordance with the international accounting standards. Example:If an institution that had previously not been within the scope of FINREP reporters adopts IFRS on 15th October (Q4) and hence triggers one of the criteria under Article 99 (2) CRR, the first reference date for reporting financial information under Article 99 (2) CRR shall be 31 December of that year.