EBA publishes corrections to XBRL reporting taxonomies and confirms reference dates

The European Banking Authority (EBA) has published corrective updates to two versions of its XBRL taxonomies for supervisory reporting, correcting technical errors in the implementation of some validation rules.

Following the publication by the European Commission of the relevant amendments to the Implementation Technical Standards on supervisory reporting, the EBA also confirms the first applicable reference date for the 2.4 version of the taxonomy as 30 September 2016.

Taxonomy 2.4 is the first to include LCR under the delegated act and so firms will start to use this rather than the current additional XML method required by the PRA.

ALMIS International will ensure our Regulatory Reporting solution is compliant with the latest 2.4 version.

Reference Dates

COREP Taxonomy Updates

There have been some recent press releases issued by the EBA regarding updates to the Data Point Model and the XBRL Taxonomies according to the Implementing Technical Standards (ITS) on Supervisory Reporting.

The first of these is a corrective update, taxonomy 2.4.1, which is to be used in place of the previously published taxonomy 2.4. This taxonomy will apply for submissions with reference dates 6 months from the point of their publication in the Official Journal- provided that this is prior to December 2016. At the time of writing, there has been no publication relating to taxonomy 2.4 or 2.4.1 in the Official Journal.

The second press release is related to the publication of taxonomy 2.5. It is explicitly stated that this will be used for reference dates from 31 December 2016 onwards.

In the interim, the active taxonomy continues to be 2.3.1.

We will continue looking out for further news on the situation, and liaise with contacts in the industry in order to keep our clients updated with the most recent regulatory developments.

European Commission settles approach to ALMM (additional liquidity monitoring metrics) reporting and confirms timing

Long awaited Commission Regulations settling the approach to the new ALMM reporting regime have been published. As previously thought the regulations drop Maturity analysis (for the time being anyway).

The reporting regime will require certain institutions to submit the required reports monthly (with April 2016 as the first month for which information is to be reported); however for most UK firms the reporting requirement will be quarterly.

Reports to be submitted will cover: Concentration of funding by Counterparty, Concentration of funding by Product Type, Prices for various lengths of funding, Roll-over of funding and Concentration of Counterparty Capacity by Issuer/Counterparty.

A key challenge will be the need for firms to collect data on new funding and rollovers.

We continue to liaise with the EBA on details regarding reporting deadlines as well as the content of submissions when reported on a quarterly basis. We are continuing to monitor for any update from the PRA related to this statement on ALMM.