The Committee of European Banking Supervisors (CEBS) this week published its principles for disclosures that serve as a guide for financial institutions preparing public disclosures which incorporate lessons learned from the financial crisis.
Since June 2008, CEBS has performed four assessments of banks’ disclosures made during the financial crisis. These principles, built on the conclusions and observations derived from these assessments, are intended to contribute to further improvements in the quality of disclosures, in terms of substance, presentation and internal consistency.
The principles do not set any additional requirements for items or information to be disclosed. Rather they aim to encourage enhanced quality of disclosures without amending, duplicating or adding to existing disclosure requirements or recommendations - such as IFRS, Pillar 3, listing rules or other regulations - institutions may be subject to.
The guidelines have been reviewed and revised in order to address the main issues raised by market participants. CEBS will continue to closely monitor banks’ disclosures in order to ensure that they are in line with its recommendations.
