BoE published a public working draft (PWD) of the standalone internal model output (IMO) and market risk sensitivities (MRS) taxonomy (v1.0.0), along with the related technical artefacts; the PWD will make up part of the insurance XBRL taxonomy. Firms and software vendors are invited to provide feedback on the data point modeling, annotated templates, validations, and XBRL taxonomy by September 28, 2018.
The PWD follows Policy Statement 21/18' titled “Solvency II: Changes to reporting format” and is based on the proposals in Consultation Paper 10/18 titled “Solvency II: Updates to internal model output reporting.” The taxonomy, data point model (DPM) dictionary, annotated templates, and validation rules represent the reporting requirements as set out in Supervisory Statement (SS) 25/15 titled “Solvency II: regulatory reporting, internal model outputs”; SS26/15 titled “Solvency II: ORSA and the ultimate time horizon – non-life firms”; and SS7/17 titled “Solvency II: Data collection of market risk sensitivities.” The DPM extends Solvency II version 188.8.131.52 dictionary of EIOPA. This PWD should not be used for reporting. It is to be noted that the PWD for National Specific Templates and standard formula reporting for firms with an approved internal model was published on August 10, 2018 and consultation closed on August 24, 2018: the final live release will consolidate all frameworks.
- Insurance IMO MRS XBRL Taxonomy v1.0.0 PWD (ZIP)
- Insurance IMO MRS DPM v1.0.0 PWD (ZIP)
- Insurance IMO MRS Validations v1.0.0 PWD (XLS)
Keywords: Europe, UK, Insurance, Solvency II, Reporting, Taxonomy BoE
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HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.
FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).
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PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.
FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.
EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).
EBA published the final draft regulatory technical standards specifying the methodology for prudential treatment of software assets by banks.
FSB published a report presenting the roadmap to enhance cross-border payments by providing a high-level plan that sets ambitious but achievable goals and milestones in the five focus areas.
In a recent communication, EIOPA urged the insurance sector to complete its preparations for the end of the Brexit transition period on December 31, 2020.