As regulatory reporting requirements become more complex and regulators become more demanding on the data quality, financial institutions must deal with time-consuming regulatory reporting processes and manage the associated risks. Tapping into this challenge, PwC Belgium, with the support of technology-collaborator BR-AG, developed Regulatory Reporting Insights, powered by BR-AG’s ATOME Matter and ATOME Particles solutions.

In the European Union, insurers are preparing for the 2020 Solvency II Directive review, with EIOPA publishing their opinion at the end of 2020. Whereas EIOPA has noted that overall, the regime is working well and only requires a number of adjustments, the post-Brexit question still looms large: What is the UK approach towards reviewing Solvency II?

The Central Bank of Ireland (CBI) has published Taxonomy 2.0., which introduces XBRL versions of: • PRISM Impact Metrics Data return (“PIMD”) • FINREP return(s) currently submitted on ONR by investment firms / fund service providers.

The UK government announced plans to introduce new Sustainability Disclosure Requirements (SDR’s), which will be another addition to the sustainability framework, next to TCFD requirements. According to John Glen, the UK will shape the new requirements drawing heavily from the EU’s sustainability approach and the Global Reporting Initiative (GRI).

The Financial Conduct Authority has published the third consultation paper on the upcoming Investment Firms Prudential Regime (IFPR), set to go live in January 2022.

Whether it’s the upcoming mandatory ESG disclosures or increased scrutiny reflected in data granularity, the road leading up to 2022 (and beyond) is a challenging one. In a financial world that is so profoundly wired together, a small change on one end can unravel a process on another end, and the wind of change will affect all involved. Approaching the publication of our whitepaper on major trends shaping reporting in the European Union, we share our subjective teaser on trends that are and will be a major influence.

Whether it’s the upcoming mandatory ESG disclosures or increased scrutiny reflected in data granularity, the road leading up to 2022 (and beyond) is a challenging one. In a financial world that is so profoundly wired together, a small change on one end can unravel a process on another end, and the wind of change will affect all involved. Approaching the publication of our whitepaper on major trends shaping reporting in the European Union, we share our subjective teaser on trends that are and will be a major influence.

At the end of June, the EBA published its findings on the state of RegTech in the European Union’s financial sector. RegTech has been pinpointed as one of the topics of strategic priority for 2020/2021 as a key pillar of driving innovation. The EBA report findings are an effect of a number of surveys, workshops and interviews with both sides of the market coin: RegTech providers and financial institutions. The result is a report that not only delivers on the perspective of those who design and sell solutions, but also those who seek them, and the findings set the ground for a ping-pong discussion among providers and financial entities.