Recital 1

(1)Commission Implementing Regulation (EU) No 680/2014 ² specifies the modalities according to which institutions are required to report information relevant to their compliance with Regulation (EU) No 575/2013. Article 99(5) of Regulation (EU) No 575/2013 mandates the European Banking Authority (EBA) to draft implementing technical standards to specify uniform formats for the reporting of financial information by institutions subject to Article 4 of Regulation (EC) No 1606/2002 of the European Parliament and of the Council ³ and credit institutions other than those referred to in that Article that prepare their consolidated accounts in conformity with the international accounting standards adopted in accordance with the procedure laid down in Article 6(2) of Regulation (EC) No 1606/2002. Article 99(6) of Regulation (EU) No 575/2013 also mandates the EBA to draft implementing technical standards to specify uniform formats for the reporting of financial information by institutions subject to accounting frameworks based on Council Directive 86/635/EEC ⁴ to which the competent authorities may extend the reporting requirements. Each of these provisions relate to aspects of the framework for supervisory reporting in the Union which need to be aligned with newly applicable international standards.