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CRD IV Reporting Framework: New Taxonomy Version 2.8

17th December 2018

New Taxonomy version 2.8 to be used for next COREP Reporting Deadline

The European Banking Authority (EBA) has recently altered the reporting framework under the CRD IV directive and published the latest version of the taxonomy – version 2.8.

The new reporting changes will also include the amendments to the Implementing Technical Standards (ITS) on supervisory reporting and a new technical standard on reporting for resolution plans along with corresponding data reporting XBRL template as informed by the EBA in April.

All of the changes under taxonomy 2.8 will take effect for regulatory reporting of periods ended 31 December 2018 onwards, (COREP’s next deadline of 11th February 2019).

What’s new in Taxonomy 2.8?

The COREP templates reporting the Capital Adequacy amount and ratios have changed substantially.

The prudent valuation requirements under COREP have thus far consisted of providing aggregate value adjustments to the prudent valuation of Capital Adequacy Own Funds (COREP template C 0.1.00). Under the new reporting framework 2.8 however, whilst the reporting of aggregate value adjustments will continue to be required as before, the application of the new Regulatory Technical Standards (RTS) requirements on prudent valuation creates a new situation that requires more detailed reporting for the purposes of better valuation.

Thus, under the new reporting framework 2.8, the following existing reporting templates have been replaced with two new templates each:

- Existing COREP Individual Own Funds and Leverage replaced by two new reports:

o COREP Individual Own Funds; and

o COREP Individual Leverage Ratio

- Existing COREP Consolidated Own Funds and Leverage replaced by two new reports:

o COREP Consolidated Own Funds; and

o COREP Consolidated Leverage Ratio

New resolution reporting requirements

Those affected by the new resolution reporting requirements (i.e. those covered by the Resolution & Recovery Directive such as Banks and full scope investment firms) will see the following changes take place:

Next Steps:

With the changes to the taxonomy, firms must now ensure they correctly identify the necessary reporting templates and familiarise themselves with the new requirements to ensure that reporting data is populated for full and correct reporting before the next deadline. With hundreds of reporting templates in COREP and FINREP and over a thousand validation rules to adhere to this can seem like a daunting task, however if you should like any advice or assistance with the new taxonomy 2.8 simply drop a line to our experienced regulatory reporting professionals or visit our dedicated COREP support website.

More about COREP Reporting:

Common Reporting or COREP covers the capital requirements and own funds reporting based on Directives 2006/48/EC and 2006/49/EC.

COREP applies to investment firms and covers a variety of a firm’s operations all of which need to be reported to the UK  Regulator - the Financial Conduct Authority (FCA). These items include own funds resources and requirements, large exposures and leverage.

FINREP on the other hand only applies to listed investment firms that use IFRS (International Financial Reporting Standards) for consolidated financial reporting. For FINREP, firms will be required to report the balance sheet as well as the income statement. 

COREP Reporting (as well as FINREP Reporting) requires data to be reported quarterly to the FCA in a special format called XBRL which is uploaded to the FCA’s GABRIEL Reporting system.

NOTE: The Next COREP Reporting Deadline for the quarter 01 October to 31 December 2018 is this month on 11th February 2019.

Help with COREP Reporting:

Since the CRD IV Regulations were implemented in 2014, we have been heavily involved in assisting a variety of firms with their COREP reporting requirements and have therefore garnered significant experience in helping firms easily adopt the new reporting framework.  

If you would like assistance with your firm’s requirements under CRD IV or with any of your regulatory reporting such as COREP, then get in touch or email and we’d be happy to discuss how we can support you.             

In addition, we offer a dedicated COREP Support website that provides a knowledge base for COREP Reporting as well as COREP support, COREP FAQs and a glossary of information for those firms that wish to find out more about Common Reporting Requirements.

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