EBA Revises List of Validation Rules for Reporting by Banks
EBA issued a revised list of validation rules under its implementing technical standards on supervisory reporting. The updated Excel workbook includes a separate sheet applicable to each reporting framework release, including the EBA reporting framework 3.0. The revised list highlights the validation rules that have been deactivated either for incorrectness or for triggering IT problems. Competent authorities throughout the EU are being informed that data submitted in accordance with these implementing technical standards should not be formally validated against the set of deactivated rules.
From time to time, EBA publishes information about validation rules that should be disregarded (primarily due to being identified as potentially incorrect). All validation rules are applicable and equally binding. Not meeting "Error" validation rules when submitting data to EBA will cause the file being submitted to be rejected. Where reporting entities are of the opinion that they can only comply with the reporting requirements set out in the applicable reporting standard if they breach a validation rule of the type "error," they should contact their relevant competent authority (and likely submit a Q&A to the EBA Q&A tool). Validation rules with the severity status "Warning" are equally binding, as they shall also be considered and closely monitored by reporters. Explanations about failure should be provided to the competent authority where needed—that is, reporters are expected to analyze the results of "Warning" validation rules and verify and revise the data, if necessary. Some warnings may not be applicable to all reporters, in all circumstances, or to all reference dates. As such, not meeting them will not necessarily prevent the successful submission of data. Warnings may become “Error” validation rules in the future. Where feasible and prudent, new validation rules will likely be introduced as warnings initially.
Related Links
Keywords: Europe, EU, Banking, Reporting, Validation Rules, Implementing Technical Standards, CRR, EBA
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
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
