Starting from 31 December 2020 as a reference date, all insurance undertakings regulated under the Solvency II directive will submit their reports using the Solvency II 2.5.0 framework version recently published by EIOPA.Continue reading
XBRL implementation in Hungary
The Central Bank of Hungary has announced that starting on 12 October 2020, XBRL format will become mandatory for all prudential reports created according to European taxonomies as published by the European Banking Authority and the Single Resolution Board. The XBRL format was expected to become obligatory at the beginning of 2020 but due to Covid-19 pandemic this was postponed giving the banking sector more time to prepare for XBRL reporting.
All banks in Hungary will be required to create and submit their reports in XBRL. An exception can only be granted by the Central Bank of Hungary upon individual request by a branch that reports only the C15 table in COREP.
The new EBA Guidelines on reporting and disclosure of Covid-19 measures are also included in the reporting.
As of 1 July 2020 it is also possible to test the submissions in XBRL format in STEFI (supervisory data collection system).
Questions after EBA 2.10 Reporting Framework webinar
We would like to thank everyone, who attended our webinar on changes in EBA 2.10 reporting framework. More changes are coming and at BR-AG we are monitoring these closely so follow us on LinkedIn:
Also, feel free to reach out for more information.
Following up on the Q&A session during our webinar, we collected questions passed on by attendees and would like to share them with as well.
- When submitting the filing to the regulator we often get feedback about errors in submission, but without detailed explanation on where these errors are located. Is there any way to be 100% sure, that submitted report is correct?
What we know from experience, that except of supporting a given regulatory frameworks e.g. EBA CRD IV / CRR the reporting tool should run data validation checks against both XBRL and non-XBRL rules (when taxonomy issuer (EBA/EIOPA) introduces new version of taxonomy not all validation rules are reflected in the published list of business validations). Apart from that it is appreciated when the tool has a comprehensive validation errors display panel in which you could find all the necessary information – tables and cells affected by the error, exact validation code from the taxonomy and mathematical logic of the error. Lastly, most errors are human errors, so the regulatory reporting software should be as intuitive and user-friendly as possible.
- If I understood well, your expectation is that EBA will publish DPM v2.10 phase 2 (including the new Covid-19 measures reports) on 10th July, can you confirm it? When we can expect that BR-AG implements it in ATOME: Particles?
That is correct, we expect that DPM v2.10 phase 2 will contain Covid-19 measures reports, at the moment we assume that EBA will publish the package on 10th of July, but slight delays are possible. Regarding the implementation in ATOME: Particles, it will take probably a week from the moment of publication by the EBA.
If there are any other questions that you would like to discuss or you would like to have a closer look at the technology that was used to present the EBA framework, please feel free to contact us – we will be happy to help.
EBA 2.10 Reporting Framework webinar / June 3️0th @ 11 a.m. CEST
EBA 2.10 reporting framework published by the European Banking Authority will be obligatory to apply by financial institutions in their reporting by the end of 2020. Some changes – like Supervisory Benchmarking IMV will apply from September, while other (Funding Plans, Remuneration, Fraudulent Payments and Resolution) from December 2020.
Changing reporting requirements continue to pose challenges to compliance officers and reporting teams. A knowledge-sharing webinar planned by BR-AG and conducted by our experts is to address the most recent changes.
During the webinar we will cover areas like: recent changes in EBA framework and the impact of these changes on the regulated entities and their reporting. We will address questions on ways to stay prepared for upcoming changes being prepared by EBA and what should be expected in the nearest future coming from initiatives and policies by the regulators in the financial sector.
We invite all regulatory compliance officers to join our free webinar, which will take place on June 3️0th at 11 a.m. CEST. If you are interested, join us here:
Unable to attend at that date? Register anyway and we will get back to you with a schedule of upcoming sessions.
Changes in EBA reporting framework – EBA 2.10
In April 2020 the European Banking Authority (EBA) published Reporting Framework 2.10 including validation rules, Data Point Model dictionary (DPM) and XBRL Taxonomy. The main changes in 2.10 package include updated Guidelines on Funding Plans, technical amendments to the Resolution framework, and integration of Remuneration benchmarking templates and Fraudulent Payments into DPM and XBRL taxonomies. The changes will apply from 31 December 2020.
Additionally, the EBA published changes to the ITS on Supervisory Benchmarking – these will apply from 31 December 2020 (IMV applicable from September 2020).
The updates are already available in ATOME: Particles, if you want to see what’s new in EBA 2.10 and test our prudential reporting software – feel free to contact us.
Pensions sector in Europe face new requirements set by EIOPA in the IORP II Directive. As the first reports must be submitted with the reference date 30/09/2019, the regulated entities are currently looking how to meet the new requirements imposed by new legislation and to understand the regulatory requirements. BR-AG supports the regulated entities with an intuitive tool for reports generation, validation and correction in a user-friendly manner.Continue reading