Featured Product

    PRA Issues Update on Remuneration Reporting Under EBA Taxonomy 2.10

    April 22, 2021

    PRA published a statement advising firms on its approach to the Remuneration Benchmarking and Remuneration High Earners reporting templates, as part of the EBA Taxonomy 2.10. The statement provides an update with respect to the issues identified with the EBA XBRL remuneration reporting templates.

    In the statement, PRA notes that it is aware of an issue related to the Remuneration Benchmarking and Remuneration High Earners reporting templates. As part of the EBA Taxonomy 2.10, the Remuneration module became reportable for the first time in XBRL format, effective from December 31, 2020. The XBRL reportable templates for Remuneration Benchmarking and High Earners were designated COR014 and COR015, respectively, to replace REP004 and REP005 XML reporting templates for PRA-authorized firms in scope. PRA became aware of issues with the EBA XBRL Remuneration reporting templates, for which EBA released a patch on March 18, 2021 to address this issue. PRA and FCA have worked together to assess the amount of change required in the GABRIEL/RegData systems and the impact that implementing the proposed patch would have on firms. On assessment, PRA and FCA have decided not to implement it, at this time, to minimize the burden placed on firms.

    Instead, it has been decided that the best course of action is to revert back to the XML-based REP004 and REP005 reporting templates for submission of 2020 data via GABRIEL/RegData. Firms migrated onto the RegData platform should submit their Remuneration data via RegData. Firms will be notified as soon as the reporting schedules on GABRIEL/RegData have been amended to reflect this reversion. It is recognized that, for firms with a December 31 year-end, they will be unable to meet the submission deadlines specified in rules 17.4 and 18.3 of the Remuneration Part of the PRA Rulebook. As a result, PRA expects such firms to submit REP004 and REP005 reporting templates for 2020 data by June 01, 2021. PRA expects that firms with a non-December-31 year-end should be able to comply with the submission date. However, if firms foresee a problem with meeting their usual submission date due to the issues outlined above, they should contact their usual supervisor. PRA will provide further detail on its expectations with regard to reporting of remuneration data for 2021 and beyond, in due course.

     

    Related Link: Statement

     

    Keywords: Europe, UK, Banking, High Earners Data, Remuneration Benchmarking, Gabriel, RegData, Reporting, Taxonomy 2.10, PRA, EBA

    Featured Experts
    Related Articles
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    News

    US Agency Publications Address Basel, Reporting, and CECL Developments

    The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances

    May 09, 2022 WebPage Regulatory News
    News

    SEC Extends Comment Period on Climate Risk Disclosures

    The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.

    May 09, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8187