EBA observes good level of compliance with its guidelines on O-SIIs

The European Banking Authority (EBA) published today a Report on the peer review carried out to evaluate the implementation of its Guidelines on the criteria for the assessment and identification of other systemically important institutions (O-SIIs) across the EU. Overall, the peer review concluded that the majority of the authorities are compliant with the EBA Guidelines, although some of its requirements have not been fully applied in all jurisdictions.

This peer review observed that those jurisdictions, which expressed their intention to comply with these Guidelines are generally compliant.  However, the EBA observed some deviating practices in several Member States, which could potentially hamper harmonisation in the Single Market. Therefore, the EBA recommends that such deviations be corrected as soon as possible.

The peer review also identified a number of best practices and highlighted the different approaches on how to maintain the O-SIIs identification methodology up-to-date and meet disclosure requirements. Finally, the peer review highlighted that notification and disclosure obligations would benefit from greater harmonisation, as well as the process to calibrate and implement the O-SII buffer, potentially in close cooperation with other EU authorities such as the ESRB.

Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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