Electronic submission – XBRL

As part of the European Banking Authorities’ harmonisation of regulatory reporting requirements throughout Europe, ALL impacted firms will be required to transmit EBA returns electronically to their Competent Authority (CA) in a format that can ultimately be submitted by their CA to the EBA via XBRL.  For many jurisdictions that means that firms themselves need to be able to provide the complete and correct EBA XBRL taxonomy direct to their CA.

EBA COREP and FINREP XBRL

In the UK the Financial Conduct Authority (FCA)  – which operates GABRIEL for FCA and PRA firms – will NOT be offering a manual online method of transmission via GABRIEL, unlike that which is currently provided for existing IRR GABRIEL reporting to be entered manually.

CRD firms will need to obtain, or build, a suitable method of converting their reported data into the exact XBRL taxonomy issued by EBA.

As the established market leader for regulatory reporting, Lombard Risk’s REPORTER solution already supports XBRL for existing European jurisdictions and is being enhanced to support the new EBA standards as specified in the Data Point Model (DPM) and the associated COREP and FINREP XBRL taxonomies.

The full Lombard Risk REPORTER solution includes XBRL as standard, and firms with lighter reporting requirements can deploy REPORTER XBRL module in isolation at a low level of investment:

REPORTER XBRL includes the following key features:

  • Presentation of regulatory returns “as they look”
  • Full regulatory form validations, cross-validations and unique user definable validations
  • Full reporting calendar
  • Full compliance with XBRL taxonomy specifications for ALL in scope EBA returns (COREP, LE, LR, LC, SF, FINREP etc)
  • Both direct submission and web–upload submission via GABRIEL (or other national electronic submission techniques)

and provides the following benefits:

  • No need to convert EBA returns to XBRL – REPORTER does this automatically
  • Maintenance of returns/ validations/ XBRL taxonomy as this evolves over time
  • Centralised database for EBA (and others if required) reporting
  • Installed in less than a day

Bank of England Online Statistical Collection Application

OSCA (Online Statistical Collection Application) is the Bank of England Statistical and Regulatory Data Division’s (SRDD) internet-based data collection application for statistical returns, via XML standard. 

For many years the Bank of England has required banks to submit the statistical returns they have been obliged to complete using BEERS (the Bank of England Electronic Reporting System).

In February 2012 the Bank of England published Green Notice 2012/01, which advised that the Bank of England (SRDD) were launching a secure, internet-based data collection application for statistical returns.

The impact on banks that use Lombard Risk REPORTER for preparation and submission of statistical returns to the Bank of England will be seamless: Lombard Risk has developed an interface to OSCA and this is available to our clients in updates to Lombard Risk REPORTER.

For more information on REPORTER and OSCA download a business insight piece HERE >>>

For many years the Bank of England has required banks to submit the statistical returns they have been obliged to complete using BEERS (the Bank of England Electronic Reporting System).

With BEERS, the individual returns are output into a pre-defined ASCII file, which is then compressed and encrypted.  Files are encrypted using software called PUBLIC that is available from Sophos Plc.  The resultant file is then e-mailed to a dedicated e-mail address and the sender receives a receipt from the Bank.

In February 2012 the Bank of England published Green Notice 2012/01, which advised that the Bank of England’s Statistical and Regulatory Data Division (SRDD) were in the process of commissioning a secure, internet-based data collection application for statistical returns. This system, Online Statistical Collection Application (OSCA), will eventually fully replace BEERS.