in force 2021-06-28 MODIFIED+80 −175§
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.
Paragraph 3 rephrases the description of what must be stated when items are omitted, referring to the fact that specific items are not being disclosed and the reason for not disclosing them, rather than the earlier wording of non-disclosure and the reason for non-disclosure.
The exception at the end of paragraph 3 is reworded to refer to cases where the subject matter is, in itself, proprietary or confidential, replacing the earlier phrase about these being classified as proprietary or confidential.
Paragraph 4, which stated that paragraphs 1, 2 and 3 are without prejudice to the scope of liability for failure to disclose material information, is no longer present in the text shown.
Cited: Art. 432, v1 · Art. 432, v2
text before / after
02013R0575-20201228 → 02013R0575-20210629
Article 432
Non-material, proprietary or confidential information
1. With the exception of the disclosures laid down in point (c) of Article 435(2) and in Articles 437 and 450, institutions may omit one or more of the disclosures listed in Titles II and III where the information provided by those disclosures is not regarded as material.
Information in disclosures shall be regarded as material where its omission or misstatement could change or influence the assessment or decision of a user of that information relying on it for the purpose of making economic decisions.
EBA shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, on how institutions have to apply materiality in relation to the disclosure requirements of Titles II and III.
2. Institutions may also omit one or more items of information referred to in Titles II and III where those items include information that is regarded as proprietary or confidential in accordance with this paragraph, except for the disclosures laid down in Articles 437 and 450.
Information shall be regarded as proprietary to institutions where disclosing it publicly would undermine their competitive position. Proprietary information may include information on products or systems that would render the investments of institutions therein less valuable, if shared with competitors.
Information shall be regarded as confidential where the institutions are obliged by customers or other counterparty relationships to keep that information confidential.
EBA shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, on how institutions have to apply proprietary and confidentiality in relation to the disclosure requirements of Titles II and III.
3. In the exceptional cases referred to in paragraph 2, the institution concerned shall state in its disclosures the fact that the specific items of information are not disclosed, being disclosed and the reason for non-disclosure, not disclosing those items, and publish more general information about the subject matter of the disclosure requirement, except where these are to be classified as that subject matter is, in itself, proprietary or confidential.
4. Paragraphs 1, 2 and 3 are without prejudice to the scope of liability for failure to disclose material information.