Featured Product

    PRA Explains When to Transition to Version 2.8 of EBA FINREP Taxonomy

    July 24, 2018

    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.

     

    Related Links

    Keywords: Europe, UK, Banking, Reporting, FINREP, Taxonomy, Regulatory Requirements, PRA

    Featured Experts
    Related Articles
    News

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News
    News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News
    News

    BoE and FCA Outline Next Steps for LIBOR Transition in 2020

    BoE, FCA, and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have published a set of documents that outline the LIBOR transition priorities and milestones for 2020.

    January 16, 2020 WebPage Regulatory News
    News

    BCRA Updates Regulation on Capital Requirements and Information Regime

    BCRA updated the rules on minimum capital requirements for financial entities and on certain aspects of the information transparency regime for quarterly and annual supervision.

    January 16, 2020 WebPage Regulatory News
    News

    BIS to Expand Central Bank Membership

    BIS is to expand its central bank membership base and to increase collaboration in its work as a forum for international cooperation and as a hub for central banks and other financial authorities.

    January 14, 2020 WebPage Regulatory News
    News

    EIOPA Issues Technical Specifications for Market and Credit Risk Study

    EIOPA published the technical specifications, including instructions, for the market and credit risk modeling comparative study for year-end 2019.

    January 13, 2020 WebPage Regulatory News
    News

    FED Publishes FAQs on Tailoring Rules for Banks

    FED released a letter announcing the publication of an initial set of frequently asked questions (FAQs) in response to questions from institutions.

    January 13, 2020 WebPage Regulatory News
    News

    IA of Hong Kong Publishes Stress Testing Scenarios in Relation to ORSA

    IA of Hong Kong published the prescribed scenarios for stress and scenario testing to be used by the authorized insurers conducting general insurance business.

    January 13, 2020 WebPage Regulatory News
    News

    FDIC Letter on Submission of Call Reports by End of January 2020

    FDIC, in a letter to financial institutions, announced that the Consolidated Reports of Condition and Income (Call Reports) for the December 31, 2019 report date must be submitted to the Central Data Repository of the relevant US agencies by January 30, 2020.

    January 13, 2020 WebPage Regulatory News
    News

    EBA Consults on Calculation of Own Funds Requirements for Market Risk

    EBA is consulting on the draft regulatory technical standards for calculation of the own funds requirements for market risk, under the standardized and internal model approaches of the Fundamental Review of the Trading Book (FRTB) framework.

    January 13, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4489