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Updates in Reporting Framework 3.0 and Technical Standards on Pillar 3 Disclosure

02/09/2021
Posted By Nivetha
Category : EBA; Solvency-II;


DataTracks Solvency II Pillar 3 Solution

The EBA continually strives to update the reporting framework for improved consistency and quality of financial reports being submitted. In its efforts to do so, EBA has published a new reporting framework, updating the mapping of quantitative disclosure data and supervisory reporting. This framework is an update of reporting framework 2.10, which aims to foster consistency across supervisory reporting. The new framework also strives to facilitate institutions’ compliance and improve the disclosure quality of financial information.

What’s New?

●      Adoption of ITS on Supervisory Reporting (v3.0) by EC

A revision has been made to the EBA’s website to reflect the European Commission’s adoption of the Supervisory Reporting Implementing Act and its related Annexures. These revisions include changes introduced by the revised Capital Requirements Regulations (CRR2) and the Prudential Backstop Regulation.

●      The Mapping Between Pillar 3 ITS on Disclosures and its on Supervisory Reporting (v3.0)

To foster consistency across supervisory reporting, Pillar 3 ITS has been developed on institutions’ public disclosures. The update on the mapping of quantitative disclosure data and supervisory reporting aims to help institutions’ comply and improve the consistency and quality of financial information disclosed. Furthermore, in accordance with the CRR2, the EBA has also published a file compiling the frequency at which each type of institution is required to disclose each template and table.

●      Technical Package Phase 1 of Reporting Framework (v3.0)

The EBA provides a mapping tool between Pillar 3 implementation of technical standards on disclosures and supervisory reporting known as the reporting framework (version 3.0). The Phase 1 technical package of the reporting framework provides the standard specifications for implementing the new EBA reporting requirements. This package includes:-

➔ Validation rules

➔ Data Point Model (DPM) data dictionary

➔ XBRL taxonomies for v3.0

➔ Reporting requirements on FINREP, COREP, own funds, COREP liquidity, Asset encumbrance, leverage ratio, large exposures, and global systemically important institution (G-SII) data

To know more about the update, please refer to the EBA website.

For more information on the Solvency II Pillar 3 Solution, call  +44 (20) 3608 1300  or write to our experts @ enquiry@datatracks.eu    



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