COREP Deadline Confirmed

Formally confirmed on the 27th June 2013; CRD IV legislation has been formally published in the Official Journal of the EU. This affirms that the new legislation will come into effect from 1st January 2014.

As you may be aware, the CRD IV package adoption date has been subject to numerous delays. The original implementation date of 1st January 2013 was repeatedly pushed back due to the lengthy approval process involved in the finalisation of legislative text. The final content and template layouts are awaiting confirmation, additionally it has still not been confirmed if this submission will include the LCR, NSFR and Leverage Ratio.

Now that the date for COREP has been finalised, many financial institutions are now looking for a solution which will enable them to create, validate and submit the reports. The EBA require all firms to be in a position to submit returns in the standardised XBRL format for the first set of submissions starting on 1st January 2014.

ALMIS International have developed a solution to help with the burden placed on financial institutions. The Regulatory Reporting functionality within the ALMIS system is developed in line with these changes to ensure clients are best placed to meet the extensive regulatory demands placed upon them.

Many firms have placed their trust in ALMIS to ensure their compliance for the new regulations. ALMIS caters for a wide range of institutions’ requirements, from providing a basic submissions vehicle with manual inputs, to spreadsheet integration, all the way to full automatic population.

The ALMIS Regulatory Reporting Module has been extensively developed to include an effective and time saving solution to FSA, CRD IV and BoE reporting. ALMIS offers effective workflow management, validation routines and full audit trails to allow for efficient management and full compliance.