Using open data standards: A case in point

In an age that floods us with data, we need open data standards for orderly datasets. You might ask yourself, what are open standards?

Open standards for data are documented, reusable agreements that help people and organisations to publish, access, share and use better quality data. Open data standards must support the interoperability of data, which in this context, ensures the ability to interoperate different datasets. 

The ability to analyse and combine datasets from different sources precisely provides a case in point for applying common data standards across various industry sectors, with benefits for financial markets and regulators themselves.

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The European Banking Authority’s take on compliance costs

In 2020, the EBA explored and analysed the effectiveness of supervisory reporting, considering the many factors influencing the overall compliance of the banking sector. The analysis is based on the mandate laid out in the CRR, which requires the EBA to keep a close eye on costs of compliance and how to reduce them. The study itself is a highlight on the reporting landscape of Europe, with the EBA conducting interviews with institutions across Member States to gather insights.

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The CBI will introduce XBRL and XML reporting amidst new regime for Investment Firms

To say that regulatory reporting changes in the blink of an eye would be an exaggeration, but the pace is quickening, and it’s already a matter of months, not years. For the most part, most National Competent Authorities (NCA’s) have already begun to recognize the power of using open data standards (particularly XBRL) for reporting. You might ask, why? Better data leads to better decisions, and in the simplest of terms, XBRL aids NCA’s in faster and more cost-effective comparison of financial information submitted by many reporting entities.

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Choppy waters or smooth sailing? The Bank of England’s move to XBRL

In the late months of 2020, the Bank of England announced that the submission of statistical data would be moved to the Bank of England Electronic Data Submission (BEEDS) portal, making it possible for firms to complete and file data submissions online. Subsequently, in 2021, the BoE confirmed that the change in the filing of statistical data would require a much bigger vessel: the move from XML to XBRL.

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IFR&IFD: Catching up with the EBA timeline

In June of the previous year, the EBA published a roadmap showing the “way to go” in implementing the new regime for investment firms, referred to as the IFR&IFD. Now, approximately two months before the “go-live” date, we take a look at what is coming in the next months. The Investment Firms Regulation becomes applicable on June 26th, 2021 and EU Member States are required to publish measures necessary to comply with the Investment Firms Directive by the same date.

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