(Only in Italian) 
The GIMAR is an IAIS annual report on the outcomes of the Global Monitoring Exercise, aimed at assessing global insurance market trends and developments and detecting the possible build-up of systemic risk in the global insurance sector. Next to that, the IAIS develops special topic editions of the GIMAR, which allow the IAIS to delve deeper into relevant topics to assess the potential risks to global financial stability and identify the need for further work. The first GIMAR special topic edition was published in September 2021 and focuses on the impact of climate change on the financial stability of the insurance sector. The next special topic edition will focus on cyber risk.
The objective of this public consultation is to seek stakeholder input on the review of the IIM assessment methodology for the next three-year cycle of application.  Input received will be considered in the finalisation of the IIM assessment methodology and will be reflected in an updated GME document which will be published in 2023.
The Guidelines published today will further enhance the harmonisation and standardisation of reporting under EMIR contributing to the high quality of data necessary for the effective monitoring of the systemic risk.
Furthermore, increased harmonisation and standardisation of reporting allows to contain the costs along the complete reporting chain – the counterparties that report the data, the TRs which put in place the procedures to verify the completeness and correctness of data, and the authorities, defined in Article 81(3) of EMIR, which use data for supervisory and regulatory purposes.
The Guidelines provide clarifications on the following aspects:
  1. transition to reporting under the new rules,
  2. the number of reportable derivatives,
  3. intragroup derivatives exemption from reporting,
  4. delegation of reporting and allocation of responsibility for reporting,
  5. reporting logic and the population of reporting fields,
  6. reporting of different types of derivatives,
  7. ensuring data quality by the counterparties and the TRs,
  8. construction of the Trade State Report and reconciliation of derivatives by the TRs,
  9. data access.
The final report on Guidelines, published today is accompanied by the validation rules and the reporting instructions.
The validation rules document sets out detailed technical rules on how the TRs should verify the completeness and accuracy of the reported data as well as the conditions and thresholds to be applied to determine whether the values reported by both counterparties match or not. Finally, the Validation rules document contains also a template for notifications of reporting errors and omissions to the NCAs.
The reporting instructions contain EMIR XML messages which were updated or newly developed based on the revised technical standards and validation rules. A fully standardised format for reporting will eliminate the risk of discrepancies due to inconsistent data. End-to-end reporting in ISO 20022 XML is expected to further enhance data quality and consistency and mitigate the data integrity risks, by reducing the need for data cleaning/normalisation and facilitate their exploitation for various supervisory and/or economic analysis based on the changes presented by the EMIR Refit regulation. The implemented schema sets were designed to ensure the backward compatibility of the data reporting.
The Guidelines will enter into force on 29 April 2024.
EBA has updated the list of diversified indices, originally published in 2013 and previously updated in 2019.
The list is part of the implementing technical standards (ITS) drafted to calculate the capital requirements for position risk in equities according to the standardised rules.
The list has been updated according to the procedure and methodology laid down in the ITS and submitted to the European Commission for endorsement.
EBA has published its final draft Regulatory Technical Standards (RTS) on the identification of a group of connected clients (GCC) under the Capital Requirements Regulation (CRR).
These draft RTS, in conjunction with the EBA Guidelines on connected clients, provide the complete framework for the identification of two or more natural or legal persons who are so closely linked by idiosyncratic risk factors, that it is prudent to treat as a single risk.

In particular, the following conditions lead to the identification of two or more legal persons as connected:
  • if they are part of the same consolidated financial statements, even in the absence of exposures towards the natural or legal person that controls the group. These draft RTS also provide a non-exhaustive list of circumstances of control criteria and control indicators to assess if there is a parent-subsidiary-similar relationship among natural and/or legal persons;
  • if it is likely that the financial difficulties of one natural or legal person would spread to other(s) impacting full and timely repayment of liabilities;
  • in case control and economic dependencies co-exist within group of connected clients in such a way that all relevant natural and/or legal persons constitute a single risk.
EIOPA has published its third annual report on administrative sanctions and other measures imposed during 2021 by national competent authorities (NCAs) under the Insurance Distribution Directive (IDD).