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    ACPR Issues Updates on Reporting by Banks and on DLT Pilot Scheme

    May 22, 2023

    The French Prudential Supervisory Authority (ACPR) published reporting updates for the banking sector while ACPR, in collaboration with the Bank of France (BdF) and the securities market regulator of France (AMF), also published details of the implementation of the pilot scheme for market infrastructure projects based on the distributed ledger technology or DLT.

    Updates to the Data Point Model (DPM) Version 3.2. ACPR informed that a new version of the Functional Business Card was made available on the OneGate portal on May 22, 2023. Following the implementation of version 3.2 of the taxonomy (DPM v.3.2), ACPR has modified the functional business cards of its information system to integrate these changes from Order 06/2023. The concerned modules are COREPOF, COREPALM, EA, GSII, IFCLASS2, IFCLASS3, and IFGROUPTEST. The Functional Business Cards have also been updated to incorporate changes in the REMUNERATION collection (Order 12/2022). From 01 January 2023, all remittances and resubmissions (including for previous taxonomy versions) of European reports will have to comply with the changes related to Filing Rule 1.6 implemented by EBA. Thus, tables that do not appear as expected in the Functional Business Card must be submitted with a discount indicator valued at "false." The European reports are to be submitted with the Legal Entity Identifier for modules upgrading to version 3.2 and to be deposited on the OneGate portal. However, corrective remittances of previous versions of taxonomy will be filed with the IPC identifier. Since this is a first version of the functional business cards, adjustments may be communicated in a future version.

    Changes in remuneration data collection for 2023. Following the publication of version 3.2 of the taxonomies relating to the collection of remuneration, ACPR announced major changes as part of the remuneration collection for 2023 (for the 12/2022 deadline). The new European Banking Authority (EBA) guidelines (guidelines 2022/06, 2022/07 and 2022/08) as well as the ACPR instructions (2022-I-21, 2022-I-20, 2022-I-19) introduce three main changes on the subjection of investment firms, the introduction of the high ratio taxonomy, and redesign of the benchmarking collection. The reference date for the 2023 remuneration collection is Order 12/2022. The delivery date indicated in the Functional Business Card is June 15, 2023. An exceptional derogation is granted for the 2023 collection, bringing the deadline for submission to August 31, 2023. ACPR expects institutions to submit remittances before the deadline.

    Pilot scheme on DLT. The recently announced scheme on DLT pilot aims to enable innovation and experimentation within a regulatory framework guaranteeing investor protection, market integrity, and financial stability, in activities related to trading and post-trading of financial instruments. It allows the issuance, registration, transfer, and storage of so-called tokenized DLT financial instruments. This is the possibility of digitally backing a financial instrument and the rights attached to it to a distributed ledger, or blockchain, and of carrying out transactions in central bank or commercial bank money, including tokenized, or even to use electronic money tokens. The pilot scheme regulation creates three new categories of DLT market infrastructures, each subject to a specific authorization procedure and allow institutions to operate, where applicable, a multilateral trading system (MTF DLT), a settlement system (SR DLT) or a trading and settlement system (SNR DLT) whose operation is based on DLT technology.

     

    Related Links (in French)

     

    Keywords: Europe, France, Banking, Basel, Reporting, Reporting Framework 3.2, DPM, Remuneration, Distributed Ledger Technology, OneGate, Taxonomy, COREP, Blockchain, Regtech, LEI, ACPR, BdF, AMF France

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