in force 2021-06-28 MODIFIED+1,567 −338§
Amended by Regulation (EU) 2019/2033 32019R2033 · Regulation (EU) 2019/876 32019R0876 · Regulation (EU) 2021/558 32021R0558 · Regulation (EU) 2020/873 32020R0873
applies from: unchanged
Sources disagree — the text comparison found this change; the EU's own amendment metadata does not list it. Both are shown; neither is overruled.
The article's heading changed from a description of the scope of disclosure requirements to one covering disclosure requirements and policies, and paragraph 1 now refers to information under Titles II and III rather than only Title II.
Paragraph 3 now assigns the management body or senior management the task of adopting formal policies and maintaining internal processes, systems and controls to verify disclosures, adds a written attestation requirement, and adds a requirement that disclosed information undergo the same internal verification as the management report in the financial report.
A new paragraph 4 requires quantitative disclosures to be accompanied by qualitative narrative and supplementary information noting significant changes compared to previous disclosures, and the former paragraph 4 on explaining rating decisions to SMEs is now renumbered as paragraph 5.
Cited: Art. 431, v1 · Art. 431, v2
text before / after
02013R0575-20201228 → 02013R0575-20210629
Article 431
Scope of disclosure Disclosure requirements
and policies
1. Institutions shall publicly disclose the information laid down referred to in Title II, subject to Titles II and III in accordance with the provisions laid down in this Title, subject to the exceptions referred to in Article 432.
2. Permission Institutions that have been granted permission by the competent authorities under Part Three for the instruments and methodologies referred to in Title III of this Part shall be subject to the public disclosure by institutions of publicly disclose the information laid down therein.
3. Institutions The management body or senior management shall adopt a formal policy policies to comply with the disclosure requirements laid down in this Part, Part and have put in place and maintain internal processes, systems and controls to verify that the institutions' disclosures are appropriate and in compliance with the requirements laid down in this Part. At least one member of the management body or senior management shall attest in writing that the relevant institution has made the disclosures required under this Part in accordance with the formal policies for assessing and internal processes, systems and controls. The written attestation and the appropriateness key elements of their disclosures, including their the institution's formal policies to comply with the disclosure requirements shall be included in institutions' disclosures.
Information to be disclosed in accordance with this Part shall be subject to the same level of internal verification and frequency. as that applicable to the management report included in the institution's financial report.
Institutions shall also have policies for assessing whether in place to verify that their disclosures convey their risk profile comprehensively to market participants.
Where those institutions find that the disclosures required under this Part do not convey the risk profile comprehensively to market participants, institutions they shall publicly disclose the information necessary in addition to that the information required in accordance with paragraph 1. However, they to be disclosed under this Part. Nonetheless, institutions shall only be required to disclose information which that is material and not proprietary or confidential as referred to in accordance with Article 432.
4. All quantitative disclosures shall be accompanied by a qualitative narrative and any other supplementary information that may be necessary in order for the users of that information to understand the quantitative disclosures, noting in particular any significant change in any given disclosure compared to the information contained in the previous disclosures.
5. Institutions shall, if requested, explain their rating decisions to SMEs and other corporate applicants for loans, providing an explanation in writing when asked. The administrative costs of the that explanation shall be proportionate to the size of the loan.