EBA publishes onboarding plan to implement the Pillar 3 data hub

The European Banking Authority (EBA) today published an onboarding plan for large and other institutions, setting out the steps required for accessing and submitting information to the new Pillar 3 Data Hub (P 3 DH) – the EBA’s centralised platform for public disclosures under the Capital Requirements Regulation (CRR 3). This initiative is a significant milestone in the EBA’s commitment to enhancing transparency and consistency in Pillar 3 disclosures across the EU financial system and promoting market discipline. The onboarding plan outlines the procedural steps that institutions need to follow to ensure timely and accurate submissions of Pillar 3 information. The onboarding plan provides a step-by-step guide for the identification of institutions and to give them access to the EBA’s EUCLID Regulatory Reporting Platform, through which the Pillar 3 data will be submitted. It also spells out the timeline for the process, which will follow a phased-in approach. In addition to the onboarding plan, the EBA is publishing a list of Frequently Asked Questions (FAQs) that aim to help institutions during the first implementation and data submission process. The FAQs will be a living document that will be updated by the EBA as needed. Furthermore, the EBA is introducing a phased-in approach and transitional provisions that should give institutions time to prepare for the process. This means that institutions will be able to continue to fulfil their Pillar 3 disclosure obligations...