EBA Releases Consultations on Supervisory Reporting for Reporting Framework 2.9

On 28 August 2018, the European Banking Authority (EBA) published three public consultation papers regarding changes to the Implementing Technical Standards (ITS) on supervisory reporting for reporting framework 2.9.

According to the EBA, the consultation papers covered three distinct areas, being:

• “COREP:  major revision of securitisation templates (simple, transparent and standardised (STS) regulation);
• FINREP:  amendment of non-performing and forborne exposures reporting, P&L and IFRS16;
• COREP-LCR:  review based on the coming new LCR [liquidity coverage ratio] delegated act.”

Although the consultation period has now closed for the above three papers, you can find out more about the proposed amendments via the EBA’s press release. In particular, you can view the responses submitted to the consultation on COREP securitisation, FINREP, and COREP LCR via the EBA’s website.

In addition to the release of the consultation papers, the EBA also announced in its August press release that the EBA has begun preparing for the release of reporting framework 2.9, which should follow a modular release pattern.

The EBA reporting framework 2.9 is expected to apply to data submitted as of:

• 31 December 2019 (in respect of packages 2.9.1 and 2.9.4);
• 31 March 2020 (in respect of package 2.9.2); and
• April or May 2020 (in respect of package 2.9.3)

The three public consultations released in August are related to packages 2.9.2 (COREP securitisation and FINREP) and 2.9.3 (COREP LCR) respectively.

Further information relating to reporting framework 2.9 can also be found on the EBA’s website.

What are COREP and FINREP?

COREP, also known as Common Reporting Standards, refers to the reporting framework relating to capital reporting requirements that is issued by the EBA.

FINREP, also known as Financial Reporting Standards, refers to a financial reporting framework based on International Accounting Standards (IAS) / International Financial Reporting Standards (IFRS).

Both COREP and FINREP are part of CRV IV, and both usually require XBRL reporting when filing with regulators.

There are exceptions to this, for example Malta, which only relatively recently announced an XBRL submission requirement. Specifically, the Malta Financial Services Authority requested on 5 April 2017 that credit institutions:

“submit supervisory reporting data in Extensible Business Reporting Language (XBRL) format […] This requirement will be effective as from the Quarter 3 2017 (reference date 30 September 2017) data submission where an XBRL validated file will be expected to be uploaded on the MFSA Portal simultaneously with every Excel file that is currently submitted. It is the responsibility of credit institutions to ensure that no data differences are present between the XBRL and the Excel files.”

DataTracks specialises in providing software and managed tagging services to clients across the world for filing with regulators and has experience with a range of regulatory reporting requirements, from AIFMD and CRD IV to MiFID II and Solvency II. To find out more about how DataTracks can help your business, please visit our website or email a member of the team at enquiry@datatracks.eu.