PRA Issues Further Information on Timing and Basis of PRA110 Reporting
PRA has provided additional information on the timing and basis of interim reporting for the introduction of PRA110, following its e-mail to the participating firms. Data submissions for the testing period will commence with end-October 2018 data being collected in November 2018.
During this time, PRA110 should be submitted with the existing FSA047 and FSA048 returns. Firms currently reporting FSA047 and FSA048 on a monthly basis should report the PRA110 as at the calendar month end. The submission is due within 15 business days of the reporting date. Firms currently reporting FSA047 and FSA048 on a weekly basis should report the PRA110 once per month, with reporting data as at the last Friday of the month (in line with the FSA047 and FSA048 returns). The submission is due within 15 business days of the calendar month end. Firms should submit the PRA110 on the following reporting basis:
- Submit on an all-currency basis and for the three single largest material currencies, or fewer if appropriate
- Submit PRA110 only for material UK subsidiaries (these will be selected in consultation with firms’ supervisors)
This will enable firms to assess their own internal processes for the production of the PRA110 returns; assess that in-scope submissions pass the Gabriel blocking validation rules; and demonstrate the accuracy of their PRA110 data ahead of FSA047 and FSA048 being switched off. To assist firms with their submission of PRA110, PRA published v3.0.0 of its XBRL taxonomy, data point model (DPM), and related technical artefacts on April 20, 2018. PRA intends to have firms submit the PRA110 returns in the XBRL format via Gabriel.
In Policy Statement 2/18 titled “Pillar 2 liquidity,” PRA introduced methodologies for the assessment of Pillar 2 liquidity risks and a cash flow mismatch risk (CFMR) framework. PRA110 is the new reporting template associated with the CFMR. On January 17, 2018, PRA set out that, due to the postponement of the introduction of the PRA110 from January 01, 2019 to July 01, 2019, the interim reporting period would similarly be postponed until September 2018 at the earliest. Specific firms have been contacted to let them know of the PRA intention to commence interim test reporting of the PRA110 and to request the participation of these firms.
Related Link: PRA Statement and Related Documents
Keywords: Europe, UK, Banking, Reporting, PRA110, Cash Flow Mismatch Risk, PRA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
