BCL updated the list of reporting agents under the AnaCredit Regulation. Also published is an AnaCredit newsletter, which contains news and frequently asked questions (FAQs) on the AnaCredit data collection, including a reminder about the next AnaCredit reporting dates. The newsletter also informs that ECB and national central banks are developing and implementing comparisons between AnaCredit and reports from other statistical datasets. These include reports on balance sheet items (BSI/S1.1 and S2.5), interest rates (MIR/S1.5), and prudential reports (COREP/FINREP). These new controls are planned for 2020. Once the technical specifications have been finalized, BCL will update the relevant documentation on its website.
The AnaCredit newsletter highlights that BCL expects to receive AnaCredit reporting on time, despite the disruption caused by the COVID-19 pandemic. ECB has not changed the reporting schedule, as it is essential to have reliable statistical information, especially in times of crises. In the event of major difficulties in producing AnaCredit reports, the reporting agents are requested to contact BCL before the submission deadlines of the reports. Furthermore, following discussions with the IT suppliers of reporting solutions on February 29, 2020, it was agreed that the transmission channels will take care of XML Schema Definition (XSD) validation of AnaCredit reports. Thus, submissions that are not valid from an XSD point of view will not be transmitted to BCL. The reporting agent will immediately be informed that it is not in compliance with the requirements of BCL. The transmission channels will gradually implement this blocking of files with XSD errors during 2020.
With respect to the effect of Brexit on AnaCredit reporting, BCL states that rules CS0021 and CS0140 no longer apply to counterparties resident in the United Kingdom. Thus, legal forms starting with EU can no longer be used. Conversely, legal forms starting with RW are accepted for the United Kingdom for all reports since February 2020. This adaptation will be implemented in the BCL software as soon as possible. In the meantime, if a reporting agent receives BCL feedback with one of the above errors without justification, it should be ignored.
Keywords: Europe, Luxembourg, Banking, AnaCredit, COVID-19, Reporting, Brexit, Newsletter, COREP, FINREP, Statistics, BCL
Previous ArticleAPRA Updates Lists of Validation and Derivation Rules for Reporting
Next ArticleBoE Publishes Version 2.0.0 of Capital+ XBRL Utility
BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.
In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.