FINREP and Taxonomy 2.8
The PRA has attempted to reduce any confusion regarding which taxonomy should be used, where a firm’s accounting year is different to the calendar one. An article was published in the PRA Regulatory Digest of July 2018 – https://www.bankofengland.co.uk/prudential-regulation/regulatory-reporting/regulatory-reporting-banking-sector. The reader should scroll down to the article titled ‘Transition to v2.7 and v2.8 of EBA FINREP taxonomy’.
The introduction of taxonomy 18.104.22.168 required some firms to use 2.6 to report Finrep and 22.214.171.124 for other regulatory submissions.
Whistlebrook understands that:
- After February 2019, all firms will be submitting FINREP under Taxonomy 2.8
- Institutions that have their Financial year in line with the calendar one, will be using taxonomy 2.8 with effect from report reference date 31 December 2018
PV001 Prudent Valuation
This return will have a final report reference date of 31 December 2018.
Buy to Let Loan Level Data (Phase 3)
Data to be reported for the quarter ended September 2018, will include buy to let corporate exposures lending. Submission is required in October 2018.
Those firms carrying out new buy-to-let mortgage lending exceeding £20million annually across at least 60 loans, need to provide data to the Bank of England. Phases one and two are specific to retail buy to let exposures. Phase three adds the corporate type. Reporting first commenced for quarter three in 2017.
Payment Services Returns
New reporting is being introduced for payment services providers.
|REP017 (Fraudulent reporting)||
|REP018 (Operational Risk)||
Taxonomy 2.8 and New Reporting
Resolution reporting (Z templates) will be introduced.
- The first submission is required by 31 May 2019
- Some of the forms are subject to thresholds and need not apply to all firms
Finally, Prudent Valuation is being added to COREP C32.01 to C32.04.