EIOPA published the final Data Point Model (DPM) and Taxonomy version 2.2.0 for Solvency II reporting. EIOPA also submitted, to the EC, the implementing technical standards on reporting and disclosure, which have been included in the business package supporting Taxonomy 2.2.0. The list of validations, which data submitted in the quantitative reporting templates should comply with, has also been updated. The EIOPA Solvency II DPM and XBRL taxonomy package release 2.2.0 is provided to be used from the December 31, 2017 reference date.
EIOPA publishes updated information on the DPM and XBRL Taxonomy design on its website to increase awareness and collect technical feedback from relevant market participants. The DPM is a structured representation of the data, identifying all the business concepts and its relations, as well as validation rules. The DPM contains all the relevant technical specifications necessary for developing an IT reporting solution (independent from the technical format). The EIOPA XBRL taxonomy presents data items, business concepts, relations, and validation rules described by the DPM in the technical format of XBRL.
Related Link: DPM and Taxonomy Updates
Effective Date: December 31, 2017
Keywords: Europe, Insurance, Reporting, Solvency II, Taxonomy, EIOPA
PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS published a statement guidance on dividend distribution by banks.
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.