The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters. As the migration project continues to progress, the Q&A document will be updated to support users on this data migration. As per the indicated timeline, BoE expects to publish the final statistical taxonomy and begin BEEDS development and testing sometime in August 2021. BEEDS Release, featuring system enhancements, is expected in January 2022 while OSCA is scheduled to be switched off in September 2022. BoE also announced upcoming changes to the validation rules applied to Form BTL on July 31, 2020 and notes that these changes will necessitate a version of the reporting schema.
Form BTL is a loan-level data collection for buy-to-let lending. The key changes to the validation rules are as follows:
- Credit score—The validation rules have been relaxed to allow credit scores between 0 and 2000. Reporters amending their data to fit the existing validations should start reporting actual credit scores as soon as possible.
- Initial gross interest rate—The validation rule for reported rates to be at 0 or above has been removed.
- Stressed rate—The validation rule for reported rates to be at 0 or above has been removed.
- Q&A on OSCA to BEEDS (PDF)
- Project Overview: OSCA to BEEDS
- Statistical Notice 2021/05
- Information on Form BTL
Keywords: Europe, UK, Banking, Statistical Reporting, BEEDS, XBRL, XBRL Taxonomy, OSCA, Form BTL, Credit Risk, Loan-Level Data, BoE
Previous ArticleDNB Consults on Application of Investment Firms Regime
The Prudential Regulation Authority (PRA) published the final policy statement PS21/21 on the leverage ratio framework in the UK. PS21/21, which sets out the final policy of both the Financial Policy Committee (FPC) and PRA
The Consumer Financial Protection Bureau (CFPB) proposed to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) under Section 1071 of the Dodd-Frank Act.
The Prudential Regulation Authority (PRA) decided to maintain, at the 2019 levels, the buffer rates for the Other Systemically Important Institutions (O-SII) for another year, with no new rates to be set until December 2023.
The Financial Stability Board (FSB) published a progress report on implementation of its high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements.
In a letter to the authorized deposit taking institutions, the Australian Prudential Regulation Authority (APRA) announced an increase in the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are consulting on the preliminary guidance that clarifies that stablecoin arrangements should observe international standards for payment, clearing, and settlement systems.
The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have set out their respective work priorities for 2022.
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0, in addition to the reporting module on leverage under the common reporting (COREP) framework.
The European Commission (EC) published the Implementing Decision 2021/1753 on the equivalence of supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (575/2013).
EC published the Implementing Regulation 2021/1751, which lays down implementing technical standards on uniform formats and templates for notification of determination of the impracticability of including contractual recognition of write-down and conversion powers.