Do banks have to publish their financial statements? Is there interim reporting and, if so, in which intervals?
Banking & Finance (2nd edition)
In general, the financial reports of banking corporations and credit cards companies owned by them in Israel, are in accordance with the accepted accounting principles (Israeli GAAP), and in accordance with the Supervisor Reporting to the Public Directives, which requires them to publish annual and also quarterly financial reports. With concern to most topics, these Directives are based on accepted accounting principles of U.S. banks, while other less significant topics are based on international financial reporting standards (IFRS) and on Israeli GAAP. Public companies in Israel are required to publish reports in accordance with the Securities Law, 1968, and regulations promulgated thereunder, which are regulated by the ISA. While banking corporation, which are public companies, publish their annual and quarterly reports under the Reporting to the Public Directives issued by the Supervisor as mentioned above, they are still subject to certain regulations according to the Securities Law, including publishing immediate reports regarding any material event or event that could significantly affect the price the the Company's securities.
Banks incorporated in the Republic of Cyprus must publish, within six months from the end of each financial year, their balance sheets and profit and loss accounts for that year, as well as the approved report of the auditor. Banks, other than those incorporated in the Republic of Cyprus, must publish their balance sheets and profit and loss accounts for each financial year covering their business as a whole, in the manner provided by the CBC.
There is no requirement under the Law for interim reporting. To the extent that a bank is subject to other regulations (for example if a listed entity the Stock Exchange Rules), then more frequent reporting or other requirements may apply.
Credit institutions and their financial holding companies must file their financial statements and annual reports, including the audit report and a written statement on the distribution of the profit/loss with the Finnish Trade Registry within two months from the approval of the balance sheet and profit and loss statement. Deposit banks are further generally liable to prepare an interim report in accordance with the Finnish Securities Markets Act covering the first six months of the financial period. The interim report must be published within two months from the end of the relevant financial period.
The documents filed with the Finnish Trade Registry are open to the public. The documents must also be publicly available from the place of business of the credit institution and the head office of the financial holding company within two weeks from the approval of the balance sheet and profit and loss statement. Copies must be forwarded within two weeks to the person requesting such copies. Copies must also be provided upon request of any affiliated credit institutions that are not liable to disclose their financial statements in accordance with Finnish law.
A credit institution shall further publish information concerning its profit ratio and financial position in accordance with the Capital Requirements Regulation and provide information in connection with its annual accounts on the operation of branches and subsidiaries.
Credit institutions are also subject to regular reporting requirements to the FFSA with respect to e.g. their own funds, large exposures and financial information in accordance with the standardized EU regulatory reporting.
Credit institutions issuing securities admitted to trading on a regulated market are also subject to the regular and on-going disclosure requirements of the Finnish Securities Markets Act implementing Directive 2004/109/EC (as amended, the Transparency Directive) on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market.
Banking institutions must publish their annual financial statements.
Particularly, listed banks must publish their bi-annual financial report.
Also, these banks must publish as soon as possible any significant information which could have an impact on the share value.
An annual report on internal control must be sent to the ACPR.
Banks shall publish their annual consolidated and non-consolidated year-end financial statements in the Official Gazette by the end of April and submit the same to the BRSA pursuant to the Banking Law and the Regulation on Principles and Procedures of Accounting Practices of Banks and of Retention of Documents in Banks (the “Accounting Regulation”).
Additionally, banks shall make available at their websites their year-end and interim period financial statements, for a period of five years; and publish their annual activity reports at their respective websites by the end of May following the relevant financial period as per the Regulation on the Principles and Procedures concerning the Preparation of the Annual Report by Banks.
Also note that Turkish banking associations shall make available at their respective websites the year-end financial statements and interim period financial statements of banks.
Moreover, pursuant to the Accounting Regulation, Turkish banks shall submit their (i) unconsolidated interim financial reports to the BRSA and Turkish banking associations within 45 days as of the end of each quarter of the respective year and (ii) consolidated interim financial reports within 75 days as of the end of each quarter of the respective year, both in an electronic and printed form. In addition to quarterly reporting requirements, banks are also required to submit to the BRSA copy of their balance sheets and income statements within 30 days as of the end of each month.
Furthermore, pursuant to the Communiqué No. II-14.1 issued by the CMB, banks conducting capital markets activities shall publicly disclose their financial statements at the Public Disclosure Platform (Kamuyu Aydınlatma Platformu).
Yes, banks have to publish an annual report and an interim report (at least half-yearly) and also make these available to FINMA (in addition to applicable listing requirements, if any).
Yes. Pursuant to section 340l of the German Commercial Code (Handelsgesetzbuch), credit institutions have to publish their annual reports. In addition, all domestic issuers (Inlandsemittenten) are required to publish annual reports and half-year interim reports pursuant to the rules of sections 114 and 115 of the German Securities Trading Act (Wertpapierhandelsgesetz – “WpHG”).
Yes. Banks are subject to requirements concerning disclosure and publication of their financial statements stemming from several distinct sources.
One of these is MAS Notice 608, which applies to the local banks over and above any requirements that apply under the Companies Act (Cap. 50) (since all the local banks are Singapore incorporated companies).
DBS Bank Ltd, United Overseas Bank Ltd, and Oversea-Chinese Banking Corporation are also listed on the Singapore Exchange, and accordingly, they are required under the Singapore Exchange Listing Manual to publish quarterly financial statements.
Banks are required to publish their financial statements on a semi-annual basis under the Banking Act. Separately from the financial statements, capital adequacy and related information are required to be disclosed on a quarterly basis, pursuant to the FSA rules, in line with the third pillar of Basel III. Note that banks listed on a stock exchange are also required to publish their financial statements on a quarterly basis.
All banks are required to prepare balance sheet and profit and loss accounts in accordance with IFRS for each financial year, within a period of 3 months, from the end of the preceding financial year. Banks are required to submit draft audited balance sheet and profit and loss account along with a scheme of ap-propriation and distribution of the profit for the year for approval by the CBO in respect of local banks before such accounts are submitted to the bank’s shareholders for their approval and, in the case of foreign banks, details of profits proposed to be remitted to their head offices. Banks are required to prepare their financial statements as per the forms prescribed by the CBO. Banks are required to ensure that their external auditors meet with the CBO after submitting their financial statements for approval by the CBO. Banks must then publish, by 31 March of that following year, its approved and audited finan-cial statements of account in at least one Arabic language newspaper published in Oman. In addition to the publication of the annual accounts, banks are required to publish unaudited quarterly and semi-annual accounts.
Under Article 26.1 of the Law of Georgia on the Activities of the Commercial, Banks and their subsidiaries shall regularly prepare reports, records, and annual financial statements according to International Accounting Standards.
In addition, the Decree №92/04 of the President of the National Bank of Georgia sets forth the disclosure requirements for commercial banks within Pillar 3. Under Article 3.1 of the decree, Pillar 3 disclosure requirements incorporate qualitative and quantitative information related to capital adequacy, corporate governance and risk management. Pursuant to Article 3.4 of the decree, quarterly and annual Pillar 3 reports shall be published in Georgian and in English languages on the official websites of the bank and NBG and certain information shall be also published in print media. The decree specifies the information that shall be included in the quarterly and annual Pillar 3 reports.
Yes, banks have to draw up and publish an annual report, annual disclosure report and, if applicable a consolidated annual report and a cash flow statement. Banks and investment firms with a balance sheet total of at least CHF 100 mio must also prepare interim financial statements every six months.
As Luxembourg banks are commercial companies governed by Luxembourg law, they are required to prepare, audit and publish their financial statements in accordance with the general principles of Luxembourg corporate law.
In addition, and for prudential supervisory purposes, the banks supervised by the CSSF are also required to transmit to the CSSF the data relating to their activities on a monthly, quarterly, half-yearly or annual basis, depending on the subject. In particular, the CSSF's circulaire 15/602 lists the documents to be submitted to the relevant authorities (the ECB in the case of significant credit institutions and the CSSF in other cases) and these include, amongst others, the annual reports.
The supervisory reporting requirements by credit institutions are regulated by the CRR Regulation as implemented by the Commission Implementing Regulation (EU) No. 680/2014, as amended. Apart from the financial information, the reporting under the CRR Regulation includes own funds requirements (solvency), large exposures, leverage, liquidity, losses stemming from lending collateralized by immoveable property and asset encumbrance.
Under Portuguese Law, credit institutions are obliged to make publicly available their financial statements (including consolidated financial statements). Banks are subject to a quarterly (interim) financial report.
Yes, banks in Malta have to publish their financial statements in accordance with the disclosure require-ments stipulated under the CRR as well as the MFSA Banking Rule 7 of 2014 Publication of Annual Re-port and Audited Financial Statements of Credit Institutions Authorised under the Banking Act 1994. To this effect, the MFSA expects that the published Annual Report shal include a Directors’ Report, a Statement of Directors’ Responsibilities, a Report of the Auditors on Financial Statements, a complete set of financial statements including notes thereto, additional regulatory disclosures set out in the Rules, five year summary figures, and supplementary financial information also set out in the Rules.
Moreover, with respect to interim reporting requirements applicable to banks, the MFSA Banking Rule 7 of 2014 obliges credit institutions to submit a copy of the auditors’ management letter and the institu-tion’s reply thereto within six (6) months from the closing of its financial year. Also, in the case of a cred-it institution, whose securities are admitted to trading on a regulated market, the MFSA Listing Rule 5.74 would apply. In this regard, credit institutions would need to make public a half-yearly financial report covering the first six (6) months of each financial year. This half-yearly financial report shall contain at least the following items:
- A condensed set of financial statements;
- An interim directors’ report;
- Statements made by the persons responsible within the credit institution, whose names and functions shall be clearly indicated, to the effect that, to the best of their knowledge, the condensed set of financial statements which has been prepared in accordance with the applicable set of accounting standards, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the credit institution, or the undertakings included in the consolidation as a whole and that the interim directors 70 report includes a fair review of the information required in terms of Listing Rules 5.81 to 5.84;
- When the half-yearly financial report has been audited or reviewed, the Auditors’ report shall be reproduced in full, together with any reasoned qualifications which may have been made; and
- If the half-yearly financial report has not been audited or reviewed, the credit institution shall make a statement to that effect in its report.
Additionally, the Banking Act require a credit institution to exhibit and keep so exhibited throughout the year, a copy of its audited financial statements in a conspicuous position in each of its offices and branches in Malta. In the MFSA’s view, this exhibit should also include a Directors’ Report, a Statement of the Directors’ Responsibilities and a Report of the Auditors on Financial Statements and should be accompanied by a note to the effect that the published Annual Report is kept and is made available to any person(s) interested in viewing it. Moreover, in terms of the Companies Act (Cap. 386 of the laws of Malta), credit institutions are expected to adhere to International Accounting Standards and International Financial Reporting Standards as may be issued from time to time by the International Accounting Standards Board and as adopted by the EU when preparing financial statements subject to publication.
Banks are under an obligation to file in the monthly statements of assets and liabilities (this is for commercial and Islamic banks). All banks are obliged to provide Qatar Central Bank with an electronic file containing the balance sheet.
EU regulatory requirements (e.g. Directive 36/2013) and EU level banking sector guidelines (i.e. EBA guidelines) with respect to the publication of annual financial statements apply. There is no mandatory requirement for the publication of financial statements for interim periods.
The banks must publish their annual financial reports and submit them to the National Bank of Serbia. Interim reporting does not exist as an obligation in certain intervals, only in cases prescribed by law, for example, extraordinary financial statement is prepared in case of status change.
Yes, banks shall publish their financial statements annually via their submission into the section of the registry of accounting documents. They shall do so within 30 days after the financial statements are ap-proved by the general meeting.
A foreign banks shall publish their annual reports in Slovak language, including a summary of any differences between the rules used for the preparation of financial statements in the Slovak Republic and in the country where the foreign bank has its registered office, within 60 days after the report is approved. An annual report of a foreign bank shall be published on the bank’s website and shall remain published there at least until the publication of the annual report for the next accounting period.
The auditor’s report on the verification of the annual report shall be deposited in public register by 30 June following the end of the accounting period for which the annual report is audited. Branches of a foreign bank deposit the auditor’s report on the verification of the annual report in the non-public section of the public register.
Interim reporting is obliged for branch of a foreign bank or legal persons belonging to a consolidated group.
Branches of a foreign bank shall prepare interim financial statements as at the last day of each calendar quarter and submit it in writing to NBS within 30 calendar days following the end of the respective calendar quarter.
A legal persons belonging to a consolidation group shall prepare interim financial statements as at the end of the calendar half-year.
A parent bank or a parent financial holding company shall prepare interim consolidated financial statements as at the end of the calendar half-year and shall submit it in writing to NBS within 60 calendar days following the end of the respective calendar half-year.
Yes - generally English banks are subject to the same corporate law disclosure requirements as other English company. The need for interim reporting will apply to public companies that are subject to the disclosure rules of a stock exchange and typically on the London market will require semi-annual reporting if there is no US market aspect.
Pursuant to the BWG banks are required to publish their Annual Financial Statements as well as their Consolidated Financial Statements. The BWG contains some specific rules on the illustration of financial statements of credit institutions. Banks have to report on a regular basis to a supervisory authority not necessarily publicly available unless required by other provision.
Every national bank, state member bank, insured state nonmember bank and savings association is required to file quarterly Consolidated Reports of Condition and Income (Call Reports). Certain Call Report data are generally available to the public, though several items on the Call Reports are confidential. Reports submitted by US banks can be obtained from the following site:
Pursuant to article 51, paragraph 1, of the Italian Banking Act, the banks shall submit to the Bank of Italy their financial statements, with the terms and conditions established by the Bank of Italy itself.
In particular pursuant to the Bank of Italy regulation: (i) the banks shall submit to the Bank of Italy, on a quarterly basis, a report related to their regulatory capital and prudential ratios; and (ii) the financial intermediaries shall submit to the Bank of Italy a periodic report on a semi-annual basis.
Pursuant to article 2435 of the Italian Civil Code, within 30 days from the relevant approval, a copy of the annual accounts shall be filed with the office of the register of enterprises under the responsibility of the directors.
Listed banks must publish their annual and semi-annual financial statements, respectively, within 4 months from the end of each financial year and within 3 months from the end of the first half of the financial year (article 154-ter, paragraphs 1 and 2, of Italian Financial Act).
Commercial banks as well as their holding company which is a parent company of a financial business group are required to prepare and announce their financial statements after every 6 month and 12 month period under the Notification of BoT (except branches of foreign commercial banks, for which the requirement is after every 12 month period). If the shares of the commercial bank or its parent are listed on the Stock Exchange of Thailand there will also be a requirement under SEC rules for quarterly reporting.
Pursuant to the Slovenian Banking Act, banks are obliged to publish their annual report on financial statements on their website within four months following the end of the calendar year. Banks are also obliged to submit their audited annual report to the Agency of the Republic of Slovenia for Public Legal Records and Related Services (AJPES) for the purpose of publication within eight months of the end of the financial year.
Banks are obliged to carry out interim reporting in connection to their financial statements to Bank of Slovenia each quarter of the year.