5. Assessment of historical data by the authorities

Based on the outcomes of the assessments of quality, accuracy, consistency and completeness of the data reported by the financial institutions, including by the means of data validation and data quality assurance assessments, competent authorities, resolution authorities or the EBA may require financial institutions to make changes and corrections to the current data, and, if deemed necessary, also to the historical data.

Where errors, inaccuracies and related corrections have been identified in the submitted data, the competent authorities, resolution authorities or the EBA should require the resubmission of the corrected historical data in accordance with the requirements of these guidelines, if not already resubmitted by the financial institutions themselves as provided in Section 4 of the guidelines.

Depending on their assessment and the needs to perform their duties, competent authorities, resolution authorities or the EBA may also require financial institutions to provide appropriate explanations of the corrections and the reasons for them, when requiring the institutions to resubmit historical data.

Competent authorities, resolution authorities or the EBA may also require the resubmission of historical data for additional reference dates compared to the requirements set out in the guidelines, where necessary for the performance of their statutory or supervisory tasks. Where requesting resubmission of additional reference dates compared to the requirements of these guidelines, competent and resolution authorities should ensure that such requests are proportionate in relation to the materiality of the errors in previously reported data and in relation to the risk profile or prudential requirements of the institution.