Featured Product

    NBB on Reporting of Supervisory Financial Information in Belgium

    April 21, 2020

    NBB published a circular that specifies rules for implementation of the ECB Regulation 2020/605 on reporting of supervisory financial information in Belgium. With a view to the implementation of FINREP on an individual basis, a mapping has been established to make the link between Belgian banking accounting law applicable at individual level (BGAAPs) and the European framework for reporting supervisory financial information (FINREP). This circular replaces the former circular NBB_2017_30 for reporting with June 30, 2020 as first reference date.

    Under the Capital Requirements Regulation (CRR) and the EU Regulation No 680/2014, Belgian credit institutions are already subject to (IFRS) FINREP reporting on a consolidated basis. Thus, in Belgium, the impact of the new ECB Regulation is essentially that FINREP reporting is now also imposed on a solo basis for Belgian credit institutions. The new ECB Regulation does not repeal national reporting on a solo basis (Schema A), which therefore continues to apply in addition to FINREP reporting on an individual basis as required by ECB. The ECB Regulation does not allow entities to choose between IFRS and national accounting standards (NGAAP). For instance, for FINREP reporting on an individual basis, Articles 6, 7, 13, and 14 of ECB Regulation provide different rules according to whether the institution is subject to IFRS or to national accounting standards. As institutions under the Belgian law are subject to BGAAP for preparing their solo annual accounts, such institutions must report FINREP information on an individual basis according to BGAAP. 

    To facilitate and standardize FINREP reporting on an individual basis in BGAAP, a mapping has been established to make the link between BGAAP data from Schema A and FINREP tables on an individual basis, as imposed by the ECB Regulation. The mapping is presented in annex to the circular as an Excel table showing the FINREP items and the corresponding accounting data under BGAAP as well as a summary justification of the link between the two. Data shall be reported through OneGate application in euro units, in accordance with the frequencies and formats prescribed by the ECB Regulation. The reporting remittance dates are as provided for in Article 3 of the EU Regulation No 680/2014, which lays down implementing technical standards with regard to supervisory reporting of institutions, as per CRR. With a view to facilitating reporting, only those tables and cells to be reported will be available in the OneGate application.

     

    Related Link: Circular and Annex

    Keywords: Europe, Belgium, Banking, Reporting, IFRS, FINREP, GAAP, BGAAP, Accounting, Financial Reporting, Regulation 680/2014, CRR, OneGate, ECB, NBB

    Featured Experts
    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697