FI Publishes Reporting Updates, Moves to New Reporting System Fidac
The Swedish Financial Supervisory Authority FI announced that it is replacing the existing reporting systems with the new reporting system, Fidac, which will handle both periodic and event-driven reporting. From the reference date of June 30, 2021, the EBA framework reporting for credit institutions and investment firms must be done in Fidac and the test reporting for this will open on June 14, 2021. FI also published an update on the national adaptation of EBA validation rules for banks and investment firms and on the changes in requirements for reporting remuneration data.
The following are the additional key highlights on the announcements made in context the change in the reporting system to Fidac:
- The reporting of remuneration practices and high-paid employees will be done in the new reporting system Fidac. Thus, reporting in Excel format is no longer possible for the reference day on December 31, 2020. As of December 31, 2020, the remuneration reporting shall follow a new format based on the XBRL taxonomy version 2.10 and the reporting must be done in euros (EUR).
- Due to FI changing the reporting system, reporting by reference date of December 31, 2020 will be possible as early as June 14, 2021. The reporting data must be received by FI no later than August 15, 2021.
- FI had announced in October 2020 that banks and credit market companies from the turn of the year would use the LEI code as identifiers when reporting XBRL files. This will continue to apply until the reference date on May 31, 2021. Thereafter, the companies will use the institution number, instead of the LEI code; an exception to this requirement is the reporting of information on remuneration practices and high-paid employees.
Related Links (in Sweden and English)
- News Release on New Reporting System
- News Release on Use of LEI Code
- News Release on Remuneration Reporting
- News Release on Validation Rules
- Deactivated Validation Rules for Banks (XLSX)
- Deactivated Validation Rules for Investment Firms (XLSX)
Keywords: Europe, EU, Sweden, Banking, Reporting, FIDAC, Remuneration, LEI, Validation Rules, CRR, IFR, Investment Firms, FI
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