PRA published a note and graphic on the transition to v2.7 and v2.8 of the EBA FINREP taxonomy to assist firms in planning for their upcoming regulatory requirements. The PRA graphic explains when firms should transition to using v2.7 and v2.8 of the EBA reporting taxonomy for FINREP.
PRA appreciates that where firms align their FINREP reporting to their accounting reference date (ARD) this could cause confusion about when firms should report using v2.7, and then report using v2.8, as while firms’ implementation of v2.7 was generally aligned to their ARD, v2.8 has an implementation date of December 31, 2018. The graphic explains how firms can determine when they should use v2.7 and v2.8, based on their ARD, which will enable them to submit their reports via the correct entry point, avoiding submission issues.
In some cases firms should note that they may implement v2.8 shortly after implementation of v2.7; in rare cases, firms may not even need to submit any reports on v2.7 before moving onto v2.8. As v2.7 represents a significant change to the reporting compared with v2.6 whereas the migration from v2.7 to v2.8 represents only an incremental change, it follows that moving from v2.6 to v2.7 and then quickly to v2.8 will not be materially more burdensome than moving straight from v2.6 to v2.8. Additional resources required to implement v2.8 should only be incremental to those required for v2.7.
Keywords: Europe, UK, Banking, Reporting, FINREP, Taxonomy, Regulatory Requirements, PRA
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