Basel III / EBA common reporting

Financial institutions continue to be faced with challenging changing and new regulations.

Firms in the UK face changes to the Bank of England reports, new regulators Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) and the EBA’s European common reporting demands – namely COREP Framework and FINREP Framework – and of course all the wider impacts of Basel III.

  • Lombard Risk REPORTER is extremely well-placed to enable firms meet the regulators’ demands
  • Our regulatory business matter experts work closely with the regulators to track and understand the changes
  • The latest regulations are reflected in the CALCULATIONS and REPORTING TEMPLATES in the Lombard Risk REPORTER solution
  • Firms can rely on REPORTER to meet the latest regulatory reporting requirements

Basel III in Europe – the introduction of CRD IV and CRR

Within the European Union (EU), Basel III is being introduced via the:

  • Capital Requirements Directive (CRD IV) and the
  • Capital Requirements Regulation (CRR)

Since 26th June 2013, CRR and CRD IV have been published in EU Official Journal (OJ) – Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firm is the legislation that is driving the reporting requirements. Firms that are in scope need to implement the new regulations from 01 January 2014. Following publication in the EU OJ, EBA published a draft FINAL Implementing Technical Standards (ITS) which includes the key reporting template frameworks on 26 July 2013. The final ITS is expected to be published in November 2013.

European Common Reporting

The European Banking 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).

How does this impact YOU? 

More DATA required, more detailed CALCULATIONS, more REPORTS and electronic SUBMISSIONS via XBRL.  Only a few GABRIEL data items remain unchanged – the FSA’s once neat array of data items is significantly changed by  COREP and FINREP reporting frameworks:

  • More data will be required to meet the granularity of the COREP and FINREP reporting frameworks
  • More and different calculations are being defined
  • Different electronic submission mechanism (i.e. XBRL )
  • Different regulators (PRA and FCA)

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