EBA launches consultation on Pillar 3 data hub technical standards
On 11 October 2024, the European Banking Authority (EBA) launched a consultation on draft technical standards to support its new Pillar 3 data hub. This centralised hub will gather and publish prudential disclosures from financial institutions across the EU, giving stakeholders a single access point to review standardised Pillar 3 information.
The consultation focuses on IT solutions and processes that large and other institutions must follow when submitting disclosures to the hub. It runs until 11 November 2024.
The hub is part of the broader EU Banking Package under the Capital Requirements Regulation (CRR3) and Directive (CRD6), aimed at increasing transparency and market discipline. It will allow users to download and visualise disclosures in a consistent format, leveraging existing EBA infrastructures. The draft technical standards outline how institutions should submit their data, the formats required, including XBRL, and the validation processes involved. A pilot programme is already underway to test the system with volunteer institutions.
While the data hub represents a leap forward in accessibility, the EBA acknowledges challenges ahead. Issues like the complexity of implementation and the readiness of institutions to adopt the new standards have been raised. Feedback from this consultation and the ongoing pilot will help refine the final standards, due for implementation in mid-2025.
For more details and to participate in the consultation, click here.
