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Implementing Technical Standards on Supervisory Reporting amendments with regards to FINREP | European Banking Authority. About UsThe EBA is an independent EU Authority which works to ensure effective and consistent prudential regulation and supervision across the European banking sector.

What is FINREP and COREP?

While COREP is a capital reporting regime, FINREP is its financial counterpart. It is a framework given by EBA for reporting financial (accounting) information to the regulator which will be applicable to all Credit Institutions in the European Union.

Who is FINREP submitted to?

FINREP applies to credit institutions, banks and investment firms that are: Listed on a recognised stock exchange. Prepare their financial statements in accordance with International Financial Reporting Standards (IFRS); and. Subject to CRD IV so all credit institutions and some investment firms.

What is COREP regulatory reporting?

1. What is COREP? Common Reporting (COREP) is the standardized reporting framework issued by the European Banking Authority (EBA) for the Capital Requirements Directive reporting. It covers credit risk, market risk, operational risk, own funds and capital adequacy ratios.

What is the purpose of FINREP?

Financial Reporting (FINREP) aims to enhance the harmonisation in supervisory reporting. It applies to all credit institutions and investment firms (IFPRU Firms) across the EU that consolidate their financial reports based on IFRS.

How often is COREP submitted?

The frequency of reporting is to be quarterly as a maximum, with certain exceptions for allowing monthly reporting.

What are regulatory reporting requirements?

Regulatory reporting is the submission of data to a relevant authority in order to demonstrate compliance with the necessary regulatory provisions. In simpler terms, it is the process businesses and individuals must continually go through to show they are following all the rules.

What is FINREP regulatory reporting?

What is FINREP? Financial Reporting (FINREP) aims to enhance the harmonisation in supervisory reporting. It applies to all credit institutions and investment firms (IFPRU Firms) across the EU that consolidate their financial reports based on IFRS.

What is Pillar 3 disclosure?

Pillar 3 requires firms to publicly disclose information relating to their risks, capital adequacy, and policies for managing risk with the aim of promoting market discipline.

What is AnaCredit reporting?

AnaCredit (The Analytical Credit and Credit Risk Dataset), is a project from the European Central Bank (ECB) to create a shared database containing information on bank loans to companies. Credit institutions across the Eurozone will be required to report specific, standardized data on loans and other credits.

How often is FR Y 9C filed?

The Y-9C is filed quarterly as of the last calendar day of March, June, September, and December. The FR Y-9LP report is the Parent Company Only Financial Statements for Large Bank Holding Companies. This report is filed by all domestic bank holding companies that file the FR Y-9C.

What are the different types of regulatory reporting?

Here are four basic ways regulator reporting happens:

  • Record keeping. This is perhaps the most common form of reporting.
  • Processes and procedures.
  • Handling complaints.
  • Onboarding and formalised training.

What are Pillar 3 requirements?

What is FR Y 9lp?

Description: This report collects basic financial data from a domestic bank holding company (BHC), a savings and loan holding company (SLHC), Intermediate holding companies (IHCs) and a securities holding company (SHC) on a parent-only basis in the form of a balance sheet, an income statement, and supporting schedules …

What is CCAR reporting?

The Comprehensive Capital Analysis and Review (CCAR) is an annual exercise by the Federal Reserve to assess whether the largest bank holding companies operating in the United States have sufficient capital to continue operations throughout times of economic and financial stress and that they have robust, forward- …

What is P2R and P2G?

A bank’s P2G indicates the level of capital that it should maintain in order to be able to withstand financial stress. Unlike the P2R, the P2G is not legally binding, as it only reflects supervisory expectations.

What are Basel 3 pillars?

Basel regulation has evolved to comprise three pillars concerned with minimum capital requirements (Pillar 1), supervisory review (Pillar 2), and market discipline (Pillar 3). Today, the regulation applies to credit risk, market risk, operational risk and liquidity risk.

What is Basel 3 pillar?

Basel 3 is composed of three parts, or pillars. Pillar 1 addresses capital and liquidity adequacy and provides minimum requirements. Pillar 2 outlines supervisory monitoring and review standards. Pillar 3 promotes market discipline through prescribed public disclosures.

How often is FR Y-9C filed?

What are the new aspects of COREP and Finrep?

The other new aspect that comes in with COREP and FINREP is mandatory XBRL reporting. This will require firms to review their reporting model and software. Software applications like MS Excel may no longer be able to handle the level of granularity required now.

What are the requirements for Reporting COREP and Finrep to supervisors?

The requirements for reporting COREP and FINREP to supervisors, including validation and filing rules.

What is the scope of Finrep?

Under FINREP alone, the scope has expanded both in the number of templates for submission and the level of detail: 53 new forms/templates with 6,500+ data fields. Quarterly reporting is mandatory and submissions are due within 42 calendar days after the quarter ends.

When will the new Finrep reporting requirements be released?

The application of the revised requirements will be in March 2018, with the first reporting reference date as of 31 March 2020. In September 2018, the EBA will publish draft Data Point Models (DPM) on the proposed changes to FINREP reporting.

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