Featured Product

    PRA Finalizes Reporting Changes in Line with EBA Taxonomy 2.9

    August 07, 2019

    PRA published a policy statement (PS16/19) that sets out final rules updating the requirements for ring-fenced bank reporting and Capital+ reporting. PS16/19 also covers the scope of Financial Reporting (FINREP) for certain firms that are not required to report this information under the Capital Requirements Regulation, or CRR (575/2013). PRA also updated its Rulebook on regulatory reporting for ring-fenced bodies, Capital+, and FINREP, in addition to the supervisory statement (SS34/15) on guidelines for completing the regulatory reports. The changes to Annex A of the PRA Rulebook for Capital+ templates PRA 101, PRA 102, and PRA 103 will take effect on March 01, 2020. The changes to Annex B of the PRA Rulebook and SS34/15 will take effect on June 01, 2020.

    PS16/19 is relevant to UK banks and building societies as well as PRA-designated UK investment firms. PS16/19 follows the consultation paper CP19/18 on regulatory reporting with respect to EBA Taxonomy 2.9. PRA received no responses to CP19/18 related to EBA Taxonomy 2.9. PS16/19 should be read in conjunction with the implementing technical standards amending Regulation (EU) No 680/2014 on supervisory reporting and the associated amending regulation. EBA has made a number of changes to FINREP and COREP following its consultation on amendments to the technical standards on supervisory reporting. PRA has correspondingly made minor changes to the proposals in CP19/18 in line with the process set out in paragraph 1.10 of that consultation. The additional changes involve the:

    • Deletion of the proposed new row 212 on prepayment fees on loans granted in RFB004g.
    • Promotion of the proposed new sub-row 040 on taxes and duties in RFB004i from an "of which" item of Information Technology expenses to a stand-alone row.
    • Addition of the new rows on the impact of stricter prudential requirements under Articles 124 and 164 of CRR to Capital+ templates PRA 101 and PRA 102. This has a minor effect on PRA 101 and no effect on PRA 102 in which the new cell is shaded grey for non-completion.

    The changes ensure that the reporting templates continue to align with firms’ COREP and FINREP reporting. EBA has also made a series of changes to the content of the new FINREP non-performing loan (NPL) templates to simplify and streamline these post-consultation. A small number of new rows were added to the new FINREP templates F23 and F26. PRA does not consider that these changes alter the relevance of these templates to the scope of the FINREP extension proposed in the CP19/18 and these changes are not considered to change the nature of the templates consulted on.

    The policy set out in PS16/19 has been designed in the context of the current UK and EU regulatory framework. PRA has assessed that the policy will not be affected in the event that UK leaves EU with no implementation period in place. As these changes relate to reporting they should be read in conjunction with SS2/19 on PRA approach to interpreting reporting and disclosure requirements and regulatory transactions forms after the UK’s withdrawal from the EU.

     

    Related Links

    Effective Date: March 01, 2020 (Annex A of PRA Rulebook); June 01, 2020 (Annex B of PRA Rulebook and SS34/15)

    Keywords: Europe, UK, Banking, Reporting, Taxonomy, PS 16/19, CP 19/18, FINREP, CRR, PRA Rulebook, SS 34/15, PRA 101, PRA 102, PRA 103, COREP, EBA, PRA

    Featured Experts
    Related Articles
    News

    EC Regulation Sets Out Standards for Reporting and Disclosure of MREL

    EC published the Implementing Regulation 2021/763 that lays down implementing technical standards for supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities (MREL).

    May 12, 2021 WebPage Regulatory News
    News

    EBA Report Notes Loan Origination Should Remain in Supervisory Focus

    EBA published a report that examines the convergence of prudential supervisory practices in 2020 and offers conclusions of the EBA college monitoring activity.

    May 12, 2021 WebPage Regulatory News
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    IOSCO Sees Support for Mandatory Sustainability Reporting

    The Sustainable Finance Taskforce of IOSCO held two roundtables, with global stakeholders, on the IOSCO priorities to enhance the reliability, comparability, and consistency of sustainability-related disclosures and to collect views on the practical implementation of a global system architecture for these disclosures.

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6967