NBB on Reporting of Supervisory Financial Information in Belgium
NBB published a circular that specifies rules for implementation of the ECB Regulation 2020/605 on reporting of supervisory financial information in Belgium. With a view to the implementation of FINREP on an individual basis, a mapping has been established to make the link between Belgian banking accounting law applicable at individual level (BGAAPs) and the European framework for reporting supervisory financial information (FINREP). This circular replaces the former circular NBB_2017_30 for reporting with June 30, 2020 as first reference date.
Under the Capital Requirements Regulation (CRR) and the EU Regulation No 680/2014, Belgian credit institutions are already subject to (IFRS) FINREP reporting on a consolidated basis. Thus, in Belgium, the impact of the new ECB Regulation is essentially that FINREP reporting is now also imposed on a solo basis for Belgian credit institutions. The new ECB Regulation does not repeal national reporting on a solo basis (Schema A), which therefore continues to apply in addition to FINREP reporting on an individual basis as required by ECB. The ECB Regulation does not allow entities to choose between IFRS and national accounting standards (NGAAP). For instance, for FINREP reporting on an individual basis, Articles 6, 7, 13, and 14 of ECB Regulation provide different rules according to whether the institution is subject to IFRS or to national accounting standards. As institutions under the Belgian law are subject to BGAAP for preparing their solo annual accounts, such institutions must report FINREP information on an individual basis according to BGAAP.
To facilitate and standardize FINREP reporting on an individual basis in BGAAP, a mapping has been established to make the link between BGAAP data from Schema A and FINREP tables on an individual basis, as imposed by the ECB Regulation. The mapping is presented in annex to the circular as an Excel table showing the FINREP items and the corresponding accounting data under BGAAP as well as a summary justification of the link between the two. Data shall be reported through OneGate application in euro units, in accordance with the frequencies and formats prescribed by the ECB Regulation. The reporting remittance dates are as provided for in Article 3 of the EU Regulation No 680/2014, which lays down implementing technical standards with regard to supervisory reporting of institutions, as per CRR. With a view to facilitating reporting, only those tables and cells to be reported will be available in the OneGate application.
Related Link: Circular and Annex
Keywords: Europe, Belgium, Banking, Reporting, IFRS, FINREP, GAAP, BGAAP, Accounting, Financial Reporting, Regulation 680/2014, CRR, OneGate, ECB, NBB
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Related Articles
BCBS Amends Guidelines on Sound Management of AML/CFT Risks
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS Publishes List of Internationally Active Insurance Groups
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC Launches Consultation on Review of Solvency II Directive
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB Consults on Supervisory Approach to Consolidation in Banking
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
PRA Letter Sets Expectations on Approach to Managing Climate Risks
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
US Agencies Finalize Amendments to Swap Margin Rule
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
IAIS on Package for 2020 Data Collection on ICS and Aggregation Method
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.
