EIOPA and the ECB published Common Minimum Standards for Data Revisions agreed between the ECB, EIOPA, the National Central Banks (NCBs) and the NCAs. Given the integrated reporting approach followed for supervisory and statistical reporting to EIOPA and the ECB, a common understanding of the minimum level of data quality is required as well as of when a revision of data is considered 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.
EIOPA press release here.