ACPR Publishes Final Version of RUBA Taxonomy, Issues Other Updates
The French Prudential Control and Resolution Authority (ACPR) finalized Version 1.1.0 of the RUBA taxonomy, issued a statement of compliance with the resolvability guidelines of the European Banking Authority (EBA), and published a statement on the European Union Digital Finance Platform.
Below are the key highlights of these recent updates:
- The finalized Version 1.1.0 of RUBA taxonomy will replace the RUBA taxonomy version 1.0.1 from December 31, 2022. Along with the taxonomy, ACPR has published description and delivery notes, presentation, data point model (DPM) dictionary, annotated reports, taxonomy controls, and test instance file related to the taxonomy. RUBA taxonomy applies to the banking sector and has an architecture and structure similar to that of the Capital Requirements Regulation (CRR)/the Capital Requirements Directive (CRD) IV taxonomies from the European Banking Authority (EBA) and that of the Solvency II taxonomy from the European Insurance and Occupational Pensions Authority (EIOPA).
- ACPR notified that it is in compliance with the EBA guidelines on improving resolvability for institutions and resolution authorities under Bank Recovery and Resolution Directive (BRRD). These guidelines detail, in particular, the European standards for the resolvability of credit institutions. The guidelines are intended to clarify to institutions the main expectations of the authorities in terms of resolvability and to enable the authorities to assess the level of resolvability achieved, in accordance with Articles 15 and 16 of the BRRD.
- The European Union Digital Finance Platform is a new online space designed to strengthen dialog between innovative companies in the fintech ecosystem and the supervisory authorities, including the ACPR. The platform is part of the European Union's digital finance strategy, which was announced in September 2020. The platform aims to consolidate and strengthen access to digital financial services through the Single Market. The platform provides a Digital Finance Observatory that offers interactive functions such as a fintech map, an events calendar, and a section where participants can share relevant documentary resources. The platform also offers a European Forum of Innovation Facilitators (EFIF) gateway, which allows an exchange with the supervisory authorities, access to the contacts of the innovation hubs of the national authorities (including the fintech innovation hub of ACPR), regulatory sandboxes, and authorization procedures. This gateway also hosts functionalities promoting cross-border testing, allowing fintech players to associate or simultaneously solicit several national supervisory authorities to evaluate their new products or services. In a second phase, which is scheduled for 2023, new features will be added to the platform based on user feedback.
Related Links (in English and French)
- Press Release on RUBA Taxonomy
- Taxonomy and Related Documents
- Statement of Compliance with EBA Resolvability Guidelines
- EBA Resolvability Guidelines (PDF)
- Notification on EU Digital Finance Platform
- Statement on EU Digital Finance Platform (PDF)
Keywords: Europe, France, Banking, Reporting, RUBA, Taxonomy, CRR, CRD IV, Basel, DPM, BRRD, Digital Finance Platform, Digital Finance, Fintech, Regtech, ACPR
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Related Articles
APRA Publishes Results of Climate Risk Self-Assessment Survey
The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.
ACPR Publishes Updates Related to CRD IV and Covered Bonds
The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).
BIS Paper Contributes to Debate on Regulating NBFIs and Big Techs
The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.
EIOPA Publishes Guidance on Climate Change Scenarios in ORSA
The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).
EBA and ECB Respond to Proposals on Sustainability Disclosures
The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.
BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks
A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
EBA Publishes Multiple Regulatory Updates for Regulated Entities
The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.
EIOPA Issues SII Taxonomy and Guide on Sustainability Preferences
The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.
EESC Opines on Proposals on CRR and European Single Access Point
The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).
HM Treasury Publishes Multiple Regulatory Updates in July 2022
HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.
