FI Issues Reporting Updates for Banks, Sets Capital Buffer for O-SIIs
The Swedish Financial Supervisory Authority (FI) published reporting updates for banks and released capital buffer requirements for other systemically important institutions (O-SIIs) in Sweden.
Below are the key highlights of the recent updates:
- FI has identified Skandinaviska Enskilda Banken, Svenska Handelsbanken AB, and Swedbank AB as O-SIIs and decided that the capital buffer requirement (consisting of Common Equity Tier 1 capital) for these entities shall be 1% at the group level. FI is also considering deciding that Nordea Hypotek AB, which is a Swedish subsidiary of Nordea Bank plc, should be subject to a capital buffer requirement of 1%, as Nordea Hypotek receives an O-SII point that exceeds the threshold value that FI uses as a limit for direct identification of O-SIIs.
- FI published sample XBRL files related to the reporting information on remuneration practices and high-paid employees; these are applicable to firms that have "nothing to report." The file needs to be submitted to the Fidac reporting system.
- FI also announced that all revisions of previous XBRL reporting will take place in the Fidac system as of June 09, 2022. This means that revisions are required to be made in Fidac even for reporting that was previously done via the older periodic reporting system. FI should be informed via e-mail if revisions are to be made for a reference date earlier than June 30, 2021. However, no e-mail is required if revisions are to be made for reference date June 30, 2021 and later.
Related Links (in Swedish)
- News Release on O-SIIs
- News Release on Sample XBRL Files
- News Release on Reporting Revisions in Fidac
Keywords: Europe, Sweden, Banking, Regulatory Capital, Basel, Reporting, Capital Buffer, XBRL, Remuneration, Fidac, FI, O-SII Buffer
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