Bundesbank published list of nationally deactivated validation rules for reporting by banks as part of the taxonomy 2.9; this list of rules is valid from June 30, 2020. Bundesbank has updated the list of the deactivated validation rules, which—from the nGAAP perspective in Germany—are not in line with the respective reporting requirements. Bundesbank also published a conversion table that serves as an approximate classification of organizations. The table includes classification on the basis of NACE (Nomenclature des Activités Économiques dans la Communauté Européenne) code, FINREP/LE-Sector of Counterparty, and Bank supervisory debtor category, among others. NACE code is the statistical classification of economic activities in EU.
ECB formulated data quality requirements for uniform supervision in the Single Supervisory Mechanism (SSM). These are currently being checked using five different criteria including punctuality, completeness, correctness and consistency, continuity, and plausibility. The criteria are analyzed for each reporting date for all reporting institutions in relation to the SSM reporting system and the applicable regulations in the division of tasks between ECB and national supervisory authorities and are used to assess the data quality level through regular reviews. Most of the processes are automated.
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Keywords: Europe, Germany, Banking, Validation Rules, FINREP, Taxonomy 2.9, nGAAP, Reporting, NACE Code, ECB, Bundesbank
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