Members shall be informed that the European Insurance and Occupational Pensions Authority (EIOPA) and the European Central Bank (ECB) published Common Minimum Standards for Data Revisions agreed between the ECB, EIOPA, the National Central Banks (NCBs) and the National Competent Authorities (NCAs).
The minimum level of data quality and the timing of necessary data revisions was agreed upon. These agreed common minimum standards should not prevent stricter practices from being applied at national level. The NCAs and NCBs have the responsibility and the power to request financial institutions to revise data when necessary.
The common minimum standards specify:
-
- The request for revisions – when NCAs or NCBs should request financial institutions to revise the data previously submitted
-
- The synchronisation –the same data has to be available at all levels (i.e. financial institutions, NCAs/NCBs, EIOPA, ECB) at all times
-
- The timeliness – the time when the revisions should be sent by NCAs and NCBs to EIOPA and the ECB respectively
- The need for historical revisions – when an issue is identified which would lead to significant revisions and which also affects back-data and how to provide the revisions
The common minimum standards can be accessed on the EIOPA website.