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.
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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
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