Financial institutions continue to be faced with challenging new regulations. Firms in the UK face changes to the Bank of England reports, the impact of the changing role of the FSA, the EBA’s European demands – namely COREP and FINREP – and of course all the wider impacts of Basel III.
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The European B
anking Authority (EBA) officially came into being as of 1st January 2011, and has taken over from the Committee of European Banking Supervisors (CEBS). It has four key objectives for regulatory reporting – to:
- Standardise European reporting requirements
- Establish a central repository for European banking data
- Facilitate peer reviews, trend predictions and risk analysis
- Enable easy data sharing
The EBA deliverables include detailed technical standards for COREP, FINREP and various elements for the European Systemic Risk Board (ESRB).
- Its COmmon REPorting timeline is outlined in CP50/1, published 20th December 2011: CP50/1 “Draft implementing technical standards on supervisory reporting requirements for institutions”
- A 3-month consultation period ends on 20th March 2012 after which the EBA will finalise the Implementing Technical Standards (ITS), to be submitted to the European Commission for finalisation by the end of June 2012
- WHICH LEAVES A SIX MONTH WINDOW – before implementation date of 1st January 2013
How does this impact YOU? DATA, CALCULATIONS, REPORTS and SUBMISSIONS. Only a few FSA data items remain unchanged – the FSA’s once neat array of data items is significantly changed by COREP:
- Capital and Large Exposures reporting is impacted
- COREP templates (34 of them, plus at least 24 “dimensions”) will be introduced and
- FINREP will follow for many firms (for which there are 51 templates)
Join Lombard Risk for Basel III / EBA Common Reporting updates
Lombard Risk is running a series of on-line webinars on key business issues relating to Basel III / EBA Common Reporting, the next of which takes place on Friday 18th May 2012. AGENDA and REGISTER here >>>