We are happy to announce that we were among the 10 shortlisted finalists in Digital Innovation Challenge organized by the European Commission!
Business Reporting – Advisory Group has been shortlisted in the G20 TechSprint initiative organized by Saudi G20 Presidency and BIS Innovation Hub, also supported by the Monetary Authority of Singapore, the Financial Stability Board, API Exchange and the RegTech for Regulators Accelerator. 128 teams from 35 countries applied and we are among 20 finalists.
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.
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.
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.
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.
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.
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.