Appropriate medium and location for disclosure

In accordance with Article 434 of Regulation (EU) 575/2013 (CRR), institutions subject to the disclosure requirements in Part Eight CRR in accordance with Article 6 and 13 of CRR may determine the appropriate medium and location of their disclosures, and to the degree feasible, provide all disclosures in one medium or location. The location of disclosure chosen by institutions for the publication of their information required by Part Eight CRR shall ensure that such information is made available to any (domestic and foreign) person without undue financial and/or administrative burden. Although institutions are not required to make such information available online, an internet website is the medium and location for disclosures that ensures the highest degree of publicity of information required to be disclosed in Part Eight of CRR. However, in view of Article 106(1)(b) of Directive 2013/36/EU, competent authorities may require institutions to use specific media and locations for publications other than the financial statements. When part or all of the information required by Part Eight CRR is included in the management report of an institution, the exemption to the publication of the management reports that national law may provide in accordance with Article 44 of Directive 86/635/EEC (where “management reports” are named “annual reports”) leads in fact to this exemption of publication being also applied to information required by Part Eight CRR. In such case, the availability requirements of non-published information posed by Article 44 of Directive 86/635/EEC also apply to information required by Part Eight included in the non-published management report. According to Article 434 CRR, to the degree feasible, all disclosures shall be provided in one medium or location. When elements of information required by Part Eight CRR are included in the management report and subject to the above-mentioned specific availability requirements provided by Article 44 of Directive 86/635/EEC while other elements are included in separately publicly disclosed other medium, this other medium should include a clear indication about where the unpublished elements can be accessed. Lastly, there should be consistency in the publication and availability of all the information made public by institutions in their financial statements, management report, and report containing information required in Part Eight CRR. In particular, there should not be cases where the financial statements and management report are published or available on the website, but not the report containing information required in Part Eight CRR.