The French Prudential Control and Resolution Authority (ACPR) finalized Version 1.1.0 of the RUBA taxonomy, issued a statement of compliance with the resolvability guidelines of the European Banking Authority (EBA), and published a statement on the European Union Digital Finance Platform.
Below are the key highlights of these recent updates:
- The finalized Version 1.1.0 of RUBA taxonomy will replace the RUBA taxonomy version 1.0.1 from December 31, 2022. Along with the taxonomy, ACPR has published description and delivery notes, presentation, data point model (DPM) dictionary, annotated reports, taxonomy controls, and test instance file related to the taxonomy. RUBA taxonomy applies to the banking sector and has an architecture and structure similar to that of the Capital Requirements Regulation (CRR)/the Capital Requirements Directive (CRD) IV taxonomies from the European Banking Authority (EBA) and that of the Solvency II taxonomy from the European Insurance and Occupational Pensions Authority (EIOPA).
- ACPR notified that it is in compliance with the EBA guidelines on improving resolvability for institutions and resolution authorities under Bank Recovery and Resolution Directive (BRRD). These guidelines detail, in particular, the European standards for the resolvability of credit institutions. The guidelines are intended to clarify to institutions the main expectations of the authorities in terms of resolvability and to enable the authorities to assess the level of resolvability achieved, in accordance with Articles 15 and 16 of the BRRD.
- The European Union Digital Finance Platform is a new online space designed to strengthen dialog between innovative companies in the fintech ecosystem and the supervisory authorities, including the ACPR. The platform is part of the European Union's digital finance strategy, which was announced in September 2020. The platform aims to consolidate and strengthen access to digital financial services through the Single Market. The platform provides a Digital Finance Observatory that offers interactive functions such as a fintech map, an events calendar, and a section where participants can share relevant documentary resources. The platform also offers a European Forum of Innovation Facilitators (EFIF) gateway, which allows an exchange with the supervisory authorities, access to the contacts of the innovation hubs of the national authorities (including the fintech innovation hub of ACPR), regulatory sandboxes, and authorization procedures. This gateway also hosts functionalities promoting cross-border testing, allowing fintech players to associate or simultaneously solicit several national supervisory authorities to evaluate their new products or services. In a second phase, which is scheduled for 2023, new features will be added to the platform based on user feedback.
Related Links (in English and French)
- Press Release on RUBA Taxonomy
- Taxonomy and Related Documents
- Statement of Compliance with EBA Resolvability Guidelines
- EBA Resolvability Guidelines (PDF)
- Notification on EU Digital Finance Platform
- Statement on EU Digital Finance Platform (PDF)
Keywords: Europe, France, Banking, Reporting, RUBA, Taxonomy, CRR, CRD IV, Basel, DPM, BRRD, Digital Finance Platform, Digital Finance, Fintech, Regtech, ACPR
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