Minimum Standards for Revisions of Reported data

To facilitate the integrated reporting approach adopted by pension funds and insurance entities for both supervisory and statistical purposes to EIOPA and the ECB, a shared understanding regarding the minimum level of data quality is required and the circumstances under which data revisions are deemed necessary. While the initial submission of information should meet high-quality standards, revisions may become necessary, either in response to specific requests from European or national authorities or upon financial institutions' own initiative.

To address this need for consistency and accuracy in reporting, the European Insurance and Occupational Pensions Authority (EIOPA) and the European Central Bank (ECB) have collaboratively issued Common Minimum Standards for Data Revisions. These standards have been collectively endorsed by the ECB, EIOPA, National Central Banks (NCBs), and National Competent Authorities (NCAs) in relation to the data pertaining to insurance corporations and pension funds.

Furthermore, recognizing the unique nature of Pan-European Personal Pension Products (PEPPs), EIOPA has developed specific minimum standards for data revisions, fostering a harmonized approach between EIOPA and Competent Authorities in this domain.

This concerted effort aims to ensure the reliability and uniformity of reported data, thereby enhancing the effectiveness of the integrated reporting framework and promoting transparency within the financial sector.