Featured Product

    BoE Publishes Second Working Draft of Statistics Taxonomy

    May 26, 2021

    In a recent statistical notice (2021/04), BoE published the second public working draft of version 1.2.0 of the BoE Statistics taxonomy and related artefacts. This version of the taxonomy is intended to support collection of statistical data in XBRL format (instead of the earlier XML format). The taxonomy, data point model (DPM) dictionary, annotated templates, and validation rules represent the statistical reporting requirements collected under the Statistical Code of Practice. This data point model is an extension of the EBA data point model and filings will be subject to the EBA filing rules. The feedback period on this second public working draft ends on June 11, 2021 and BoE expects to publish the final version of the taxonomy and DPM in late July or early August 2021.

    This second public working draft incorporates comments received on the first public working draft, which was published in April 2021. A change log has been published to outline changes between both the draft versions. Both the public working drafts should not be used for reporting. The significant changes have been highlighted below:

    • "Coverage of branch offices" modeling, previously on the z-axis, has been removed from all templates. This was initially added in relation to "point 3(a) in the General Notes and Definitions" but BoE has decided the instructions are sufficient at this time.
    • Certain tables relating to form DQ have been remodeled to merge asset and liability tables. Form DQ is used to collect data on asset and liability positions in derivatives.
    • Table LN.02.01.01 has been remodeled. Balance of overdrafts drawn columns now follow the same structure as the rest of the table by sitting under the small and medium-sized businesses and large businesses grouping columns.
    • Nearly 200 modifications have been introduced to the validation rules, primarily this is due to the addition of global filters to ensure validations are only triggered in expected situations. Additionally, certain bug fixes address mistakes reported in the way a validation has been defined. Some of the mentioned modeling updates also resulted in amendments to validations.

    BoE had announced, in November 2020, that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal. This statistical notice (2021/04) mentions that migration to the new system will take place over an extended period and BoE will have a pilot of early adopters. BoE hopes to be ready to onboard users to BEEDS toward the end of this year. BoE is planning a project overview session open to all reporting firms where it will share a timeline and discuss the project in detail. BoE will be in touch with firms in the coming weeks to schedule these sessions. Bo is also planning to form a working group of firms, wherein regular updates and general progress of the project will be discussed for firms that do not use a software house. Firms are requested to inform BoE if they do not use a software house to send statistical data to BoE.

     

    Related Links

    Comment Due Date: June 11, 2021

    Keywords: Europe, UK, Banking, Statistical Reporting, XML, Taxonomy, DPM, Validation Rules, Form DQ, Statistical Notice, BEEDS, BoE

    Related Articles
    News

    APRA Finalizes Guidance on Management of Climate Change Risks

    The Australian Prudential Regulation Authority (APRA) released the final Prudential Practice Guide on management of climate change financial risks (CPG 229) for banks, insurers, and superannuation trustees.

    November 26, 2021 WebPage Regulatory News
    News

    European Council Adopts Position on Digital Finance Package Proposals

    The European Council adopted its position on two proposals that are part of the digital finance package adopted by the European Commission in September 2020, with one of the proposals involving the regulation on markets in crypto-assets (MiCA) and the other involving the Digital Operational Resilience Act (DORA).

    November 25, 2021 WebPage Regulatory News
    News

    PRA Proposes Rulebook Changes; BoE Extends BEEDS Testing Window

    The Prudential Regulation Authority (PRA) is proposing, via the consultation paper CP21/21, to apply group provisions in the Operational Resilience Part of the PRA Rulebook (relevant for the Capital Requirements Regulation or CRR firms) to holding companies.

    November 25, 2021 WebPage Regulatory News
    News

    EC Proposes New Measures Under Capital Markets Union Package

    The European Commission (EC) has adopted a package of measures related to the Capital Markets Union.

    November 25, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards to Calculate Risk-Weights of CIUs Under CRR

    The European Banking Authority (EBA) published the final report on draft regulatory technical standards for the calculation of risk-weighted exposure amounts of collective investment undertakings or CIUs, in line with the Capital Requirements Regulation (CRR).

    November 24, 2021 WebPage Regulatory News
    News

    FED Outlines Lending Conditions and Supervisory Activities in H1 2021

    The Board of Governors of the Federal Reserve System (FED) published a report that summarizes banking conditions in the United States, along with the supervisory and regulatory activities of FED.

    November 24, 2021 WebPage Regulatory News
    News

    APRA Expects Boards to Strengthen Ability to Oversee Cyber Resilience

    The Australian Prudential Regulation Authority (APRA) recently completed two pilot initiatives in its 2020-2024 Cyber Security Strategy, which was published in November 2020.

    November 23, 2021 WebPage Regulatory News
    News

    FSB Updates List of Global Systemically Important Banks

    The Basel Committee on Banking Supervision (BCBS) published further information related to its 2021 assessment of global systemically important banks (G-SIBs), with additional details to help understand the scoring methodology.

    November 23, 2021 WebPage Regulatory News
    News

    FASB Proposes Improvements to Credit Losses Standard

    The Financial Accounting Standards Board (FASB) is consulting on an Accounting Standards Update and the associated taxonomy improvements for requirements on troubled debt restructurings and vintage disclosures under the credit losses standard (for financial instruments) topic 326.

    November 23, 2021 WebPage Regulatory News
    News

    US Agencies Issue Statement on Crypto-Asset Policy Initiatives

    US Agencies issued a statement that summarizes the work undertaken during the interagency policy sprints focused on crypto-assets and provides a roadmap of future work related to crypto-assets.

    November 23, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7733