BoE updated the known issues document for the statistical reporting Forms AS and FV. The BEEDS external User Acceptance Testing for the updated taxonomy for Forms AS and FV (ASFV version 1.1.0) was successfully completed on July 16. The taxonomy version 1.1.0 is now live in BEEDS and reporting institutions can submit Form AS and FV returns for the first and second quarter reporting periods, the deadline for which remains the September 01, 2020. The User Acceptance Testing has identified that securities denominated in currency CNH cannot be reported as intended on Form AS. The known issues document has been updated with the details of this issue and the required mitigating actions.
Form AS data are primarily used to assess the holdings of securities on the balance sheet of UK resident monetary financial institutions, held for their own purposes. Statistics produced from these data are used within the Bank of England (for example, by the Monetary Policy and Financial Policy Committees) and by institutions such as the Office for National Statistics, BIS, and ECB. For Form AS purposes, securities are defined as negotiable financial instruments, including debt and equity securities. Negotiability refers to the fact that legal ownership of the instrument is readily capable of being transferred from one owner to another by delivery or endorsement.
Additionally, Form FV should cover the economic activity of any UK resident financial vehicle corporations that operate or conduct business on behalf of a monetary financial institution. Financial vehicle corporations will include entities such as financial vehicle holding companies, securitization vehicles, funding companies, and securitization trustees. Form FV should be reported on a single consolidated submission, where consolidation covers all financial vehicle corporations, within a vehicle group, acting on behalf of a monetary financial institution.
Keywords: Europe, UK, Banking, Statistical Reporting, Form AS, Form FV, UAT, BEEDS, Taxonomy, Securitization, BoE
Previous ArticleBNM Extends Moratoria in Response to COVID-19 Crisis
PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.
EBA published a report that sets out the final draft regulatory technical standards specifying the conditions according to which consolidation shall be carried out in line with Article 18 of the Capital Requirements Regulation (CRR).
EBA updated the list of other systemically important institutions (O-SIIs) in EU.
BCBS published two reports that discuss transmission channels of climate-related risks to the banking system and the measurement methodologies of climate-related financial risks.
UK Authorities (FCA and PRA) welcomed the findings of FSB peer review on the implementation of financial sector remuneration reforms in the UK.
PRA and FCA jointly issued a letter that highlights risks associated with the increasing volumes of deposits that are placed with banks and building societies via deposit aggregators and how to mitigate these risks.
MFSA announced that amendments to the Banking Act, Subsidiary Legislation, and Banking Rules will be issued in the coming months, to transpose the Capital Requirements Directive (CRD5) into the national regulatory framework.
EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.
OSFI launched a consultation to explore ways to enhance the OSFI assurance over capital, leverage, and liquidity returns for banks and insurers, given the increasing complexity arising from the evolving regulatory reporting framework due to IFRS 17 (Insurance Contracts) standard and Basel III reforms.
ECB published results of the benchmarking analysis of the recovery plan cycle for 2019.