BoE and PRA Issue Updates on Prudential and Statistical Reporting
The Bank of England (BoE) published a notice on the statistical reporting requirements while the Prudential Regulation Authority (PRA) updated the prudential regulatory reporting and disclosure requirements for banks.
Below are the key highlights of these recent updates:
- In the Statistical Notice 2022/13, BoE notified firms that statistical data must be reported in units for all forms when reporting on Bank of England Electronic Data Submission (BEEDS). The change in BEEDS reporting in units, which was introduced from the adoption of taxonomy 1.2 onward, provides consistency across all forms and for some will reduce the amount of manipulation required when preparing data submissions. BoE is allowing the rounding of values to maintain the same level of precision as reported prior to the adoption of the BoE statistics taxonomy (accurate to thousands or millions). BoE is also permitting firms to report more precisely and report figures as known—for example accurate to units. The level of precision reported to is communicated using the @decimals attribute. In addition, BoE updated the set of frequently asked questions document on the migration of Online Statistical Collection Application (OSCA) to BEEDS.
- With regard to the regulatory reporting and disclosure requirements, PRA note that it has implemented the European Banking Authority (EBA) Taxonomy 3.0 for firms to meet the reporting requirements set out in the PS17/21, from January 01, 2022. Any future changes to the Capital Requirements Regulation (CRR) reporting requirements will be subject to the PRA public consultation process, as set out in the Financial Services and Markets Act 2000 (FSMA). PRA has also implemented the EBA Taxonomy 2.10 for COR013 resolution reporting. Furthermore, any future changes to the Bank Recovery and Resolution Directive (BRRD) reporting requirements will be subject to the PRA public consultation process. Any validation changes that relate to EBA Taxonomy 3.0 or previous taxonomy versions will be implemented for as long as these packages are used to meet the reporting requirements. However, subsequent EBA taxonomies should only be implemented by firms if indicated during the PRA public consultation process for future reporting changes.
Related Links
Keywords: Europe, UK, Banking, Reporting, Statistical Reporting, Statistical Notice, Taxonomy, BEEDS, OSCA, CRR, BRRD, Disclosures, Basel, Reporting Framework 2.10, Reporting Framework 3.0, EBA, PRA, BoE
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.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Related Articles
FINMA Approves Merger of Credit Suisse and UBS
The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.
BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks
The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.
MFSA Sets Out Supervisory Priorities, Issues Reporting Updates
The Malta Financial Services Authority (MFSA) outlined its supervisory priorities for 2023
German Regulators Issue Multiple Reporting Updates for Banks
Deutsche Bundesbank published the nationally deactivated validation rules for the German Commercial Code (HGB) users on the taxonomy 3.2, which became valid from December 31, 2022
BCBS Report Examines Impact of Basel III Framework for Banks
The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.
PRA Consults on Prudential Rules for "Simpler-Regime" Firms
Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.
