PRA Issues Update on Remuneration Reporting Under EBA Taxonomy 2.10
PRA published a statement advising firms on its approach to the Remuneration Benchmarking and Remuneration High Earners reporting templates, as part of the EBA Taxonomy 2.10. The statement provides an update with respect to the issues identified with the EBA XBRL remuneration reporting templates.
In the statement, PRA notes that it is aware of an issue related to the Remuneration Benchmarking and Remuneration High Earners reporting templates. As part of the EBA Taxonomy 2.10, the Remuneration module became reportable for the first time in XBRL format, effective from December 31, 2020. The XBRL reportable templates for Remuneration Benchmarking and High Earners were designated COR014 and COR015, respectively, to replace REP004 and REP005 XML reporting templates for PRA-authorized firms in scope. PRA became aware of issues with the EBA XBRL Remuneration reporting templates, for which EBA released a patch on March 18, 2021 to address this issue. PRA and FCA have worked together to assess the amount of change required in the GABRIEL/RegData systems and the impact that implementing the proposed patch would have on firms. On assessment, PRA and FCA have decided not to implement it, at this time, to minimize the burden placed on firms.
Instead, it has been decided that the best course of action is to revert back to the XML-based REP004 and REP005 reporting templates for submission of 2020 data via GABRIEL/RegData. Firms migrated onto the RegData platform should submit their Remuneration data via RegData. Firms will be notified as soon as the reporting schedules on GABRIEL/RegData have been amended to reflect this reversion. It is recognized that, for firms with a December 31 year-end, they will be unable to meet the submission deadlines specified in rules 17.4 and 18.3 of the Remuneration Part of the PRA Rulebook. As a result, PRA expects such firms to submit REP004 and REP005 reporting templates for 2020 data by June 01, 2021. PRA expects that firms with a non-December-31 year-end should be able to comply with the submission date. However, if firms foresee a problem with meeting their usual submission date due to the issues outlined above, they should contact their usual supervisor. PRA will provide further detail on its expectations with regard to reporting of remuneration data for 2021 and beyond, in due course.
Related Link: Statement
Keywords: Europe, UK, Banking, High Earners Data, Remuneration Benchmarking, Gabriel, RegData, Reporting, Taxonomy 2.10, PRA, EBA
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