BoE updated the known issues document for the statistical reporting Forms AS and FV. The BEEDS external User Acceptance Testing for the updated taxonomy for Forms AS and FV (ASFV version 1.1.0) was successfully completed on July 16. The taxonomy version 1.1.0 is now live in BEEDS and reporting institutions can submit Form AS and FV returns for the first and second quarter reporting periods, the deadline for which remains the September 01, 2020. The User Acceptance Testing has identified that securities denominated in currency CNH cannot be reported as intended on Form AS. The known issues document has been updated with the details of this issue and the required mitigating actions.
Form AS data are primarily used to assess the holdings of securities on the balance sheet of UK resident monetary financial institutions, held for their own purposes. Statistics produced from these data are used within the Bank of England (for example, by the Monetary Policy and Financial Policy Committees) and by institutions such as the Office for National Statistics, BIS, and ECB. For Form AS purposes, securities are defined as negotiable financial instruments, including debt and equity securities. Negotiability refers to the fact that legal ownership of the instrument is readily capable of being transferred from one owner to another by delivery or endorsement.
Additionally, Form FV should cover the economic activity of any UK resident financial vehicle corporations that operate or conduct business on behalf of a monetary financial institution. Financial vehicle corporations will include entities such as financial vehicle holding companies, securitization vehicles, funding companies, and securitization trustees. Form FV should be reported on a single consolidated submission, where consolidation covers all financial vehicle corporations, within a vehicle group, acting on behalf of a monetary financial institution.
Keywords: Europe, UK, Banking, Statistical Reporting, Form AS, Form FV, UAT, BEEDS, Taxonomy, Securitization, BoE
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