Update on progress towards European Single Access Point - European Commission (EC) confirmed that ESAP will be operational by 2024. A truly far-reaching project that is to make companies visible for cross-border investors and strengthen the capital market integration. Company information, including financial, ESG, sustainability reports, product related information in Prospectus, Key Information Documents and other information will together build the company’s profile.

The recently published new version of Central Bank of Ireland XBRL Taxonomy 2.1 changes the reporting format from web ONR form to XBRL for E-Money Institutions (EMIs) and Payment Institutions (PIs) reporting remit. The first reporting period for EMIs and PIs’ quarterly account returns and supplementary returns is September 30, 2022.

Years have passed since the 2008/2009 financial crisis. During this time, the eyes of regulators and financial institutions have been firmly fixed on identifying gaps and loopholes in supervision to prevent another global crisis from occurring. Amidst this, another crisis quietly crept in, and the destruction of the environment became a fact, not an assumption. It became clear that the progress of the financial sector towards funding initiatives growing the green and...

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.