reportfromthecommissiontotheeuropean.docVIP

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL General assessment of economic consequences of country-by-country disclosure requirements set out in Article 89 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 Introduction Directive 2013/36/EU (CRD) introduces in its Article 89 a new country-by-country public reporting obligation (CBCR) for banks and investment firms (institutions). Institutions will have to report annually, for each country in which they have an establishment, data on (a) their name(s), activities, geographical location, (b) turnover, (c) staff numbers, (d) profit or loss before tax, (e) tax on profit or loss and (f) public subsidies received. Institutions are required to report the data under a), b) and c) as from 1 July 2014. For the data under d), e) and f) a special arrangement is foreseen: in an initial phase only 14 of the most important European institutions (EU G-SIIs) had to report these data, on a confidential basis, to the Commission. The deadline for this initial confidential reporting was 1 July 2014 and was respected by all 14 EU G-SIIs. In the next phase, i.e. as from 1 January 2015 all institutions that fall within the scope of Article 89 (“reporting institutions”) are required to disclose all information set out in Article 89, unless the Commission decides to defer the CBCR obligations. Article 89 requires that the Commission report to the European Parliament and to the Council by 31 December 2014 on the potential negative economic consequences of the public disclosure of the country-by-country information. The Commission, after consulting EBA, EIOPA and ESMA, as appropriate, is requested to conduct a general assessment as regards such consequences including the impact on competitiveness, investment and credit availability and the stability of the financial system. Pursuant to Article 89, in the event that significant negative effects are identified, the Com