Recital 3

(3)Guideline (EU) 2018/876 of the European Central Bank (ECB/2018/16) ² establishes the obligations of NCBs with respect to the reporting of reference data to, and the maintenance and data quality management of, RIAD, for the purpose of ESCB tasks, and sets out the governance framework. The aim of this Guideline is to complement it, establishing the responsibilities of each NCA to record, update and validate reference data reported to the ECB for the purpose of supervisory tasks, in line with the duty of cooperation in good faith and the obligation to exchange information established in Article 6(2) of Regulation (EU) No 1024/2013 and further specified in Article 21 of Regulation (EU) No 468/2014 of the European Central Bank (ECB/2014/17) ³ . For greater efficiency and to minimise the reporting burden, the data collection within the SSM under these provisions follows what is known as a ‘sequential approach’, i.e. both significant and less significant credit institutions submit their data to NCAs, which then report to the ECB.