Featured Product

    PRA Finalizes Reporting Changes in Line with EBA Taxonomy 2.9

    August 07, 2019

    PRA published a policy statement (PS16/19) that sets out final rules updating the requirements for ring-fenced bank reporting and Capital+ reporting. PS16/19 also covers the scope of Financial Reporting (FINREP) for certain firms that are not required to report this information under the Capital Requirements Regulation, or CRR (575/2013). PRA also updated its Rulebook on regulatory reporting for ring-fenced bodies, Capital+, and FINREP, in addition to the supervisory statement (SS34/15) on guidelines for completing the regulatory reports. The changes to Annex A of the PRA Rulebook for Capital+ templates PRA 101, PRA 102, and PRA 103 will take effect on March 01, 2020. The changes to Annex B of the PRA Rulebook and SS34/15 will take effect on June 01, 2020.

    PS16/19 is relevant to UK banks and building societies as well as PRA-designated UK investment firms. PS16/19 follows the consultation paper CP19/18 on regulatory reporting with respect to EBA Taxonomy 2.9. PRA received no responses to CP19/18 related to EBA Taxonomy 2.9. PS16/19 should be read in conjunction with the implementing technical standards amending Regulation (EU) No 680/2014 on supervisory reporting and the associated amending regulation. EBA has made a number of changes to FINREP and COREP following its consultation on amendments to the technical standards on supervisory reporting. PRA has correspondingly made minor changes to the proposals in CP19/18 in line with the process set out in paragraph 1.10 of that consultation. The additional changes involve the:

    • Deletion of the proposed new row 212 on prepayment fees on loans granted in RFB004g.
    • Promotion of the proposed new sub-row 040 on taxes and duties in RFB004i from an "of which" item of Information Technology expenses to a stand-alone row.
    • Addition of the new rows on the impact of stricter prudential requirements under Articles 124 and 164 of CRR to Capital+ templates PRA 101 and PRA 102. This has a minor effect on PRA 101 and no effect on PRA 102 in which the new cell is shaded grey for non-completion.

    The changes ensure that the reporting templates continue to align with firms’ COREP and FINREP reporting. EBA has also made a series of changes to the content of the new FINREP non-performing loan (NPL) templates to simplify and streamline these post-consultation. A small number of new rows were added to the new FINREP templates F23 and F26. PRA does not consider that these changes alter the relevance of these templates to the scope of the FINREP extension proposed in the CP19/18 and these changes are not considered to change the nature of the templates consulted on.

    The policy set out in PS16/19 has been designed in the context of the current UK and EU regulatory framework. PRA has assessed that the policy will not be affected in the event that UK leaves EU with no implementation period in place. As these changes relate to reporting they should be read in conjunction with SS2/19 on PRA approach to interpreting reporting and disclosure requirements and regulatory transactions forms after the UK’s withdrawal from the EU.

     

    Related Links

    Effective Date: March 01, 2020 (Annex A of PRA Rulebook); June 01, 2020 (Annex B of PRA Rulebook and SS34/15)

    Keywords: Europe, UK, Banking, Reporting, Taxonomy, PS 16/19, CP 19/18, FINREP, CRR, PRA Rulebook, SS 34/15, PRA 101, PRA 102, PRA 103, COREP, EBA, PRA

    Featured Experts
    Related Articles
    News

    FDIC Announces Winners of Tech Sprint to Reach Unbanked Consumers

    The tech lab of the Federal Deposit Insurance Corporation (FDIC) selected three winning teams in a tech sprint designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers.

    September 13, 2021 WebPage Regulatory News
    News

    PRA Letter Sets Out Findings on Reliability of Regulatory Reporting

    PRA published a "Dear CEO" letter that sets out findings of a review on the reliability of regulatory reporting and reiterates the supervisory expectations on regulatory reporting.

    September 10, 2021 WebPage Regulatory News
    News

    APRA Connect to Go Live; APRA to Reduce Reliance on CLF

    The Australian Prudential Regulation Authority (APRA) confirmed that its new data collection solution APRA Connect will go live on September 13, 2021.

    September 10, 2021 WebPage Regulatory News
    News

    FED Paper Explores Fintech Partnership Dynamics in Community Banks

    The Federal Reserve System (FED) published a paper describing the landscape of partnerships between community banks and fintech companies.

    September 09, 2021 WebPage Regulatory News
    News

    FDIC Selects Four Vendors for Next Phase of Rapid Prototyping Pilot

    The Federal Deposit Insurance Corporation (FDIC) has chosen four companies—Novantas Inc, Palantir Technologies Inc, PeerIQ, and S&P Global Market Intelligence LLC—to propose a pilot consisting of testing new reporting and analytical tools with a small group of FDIC-supervised institutions on a voluntary basis.

    September 09, 2021 WebPage Regulatory News
    News

    PRA Consults on Requirements to Identify Material Risk-Takers

    The Prudential Regulatory Authority (PRA), via the consultation paper CP18/21, proposed changes to the applicable requirements on the identification of material risk-takers for the purposes of the remuneration regime.

    September 08, 2021 WebPage Regulatory News
    News

    ESA Report Points to Elevated Credit and Cyber Risks in Wake of Crisis

    The Joint Committee of European Supervisory Authorities (ESAs) published its second 2021 joint risk assessment report for the financial sector.

    September 08, 2021 WebPage Regulatory News
    News

    IOSCO on Compliance of Credit-Sensitive Rate with Benchmark Principles

    The International Organization of Securities Commissions (IOSCO) published a statement reiterating the importance of continued transition to robust alternative financial benchmarks—that is, risk-free rates—to mitigate potential risks arising from the cessation of LIBOR, including the USD LIBOR.

    September 08, 2021 WebPage Regulatory News
    News

    FED Proposes Revisions to FR Y-9 Reports

    The Board of Governors of the Federal Reserve System (FED) proposed revisions and three-year extension of the FRY-9 reports on financial statements for holding companies (OMB Control Number 7100-0128).

    September 08, 2021 WebPage Regulatory News
    News

    SRB Chair Discusses Improving Resolution Framework for Mid-Size Banks

    The Single Resolution Board (SRB) Chair, Elke König, published an article on improving the resolution framework for medium-size banks.

    September 08, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7458