Posted on: August 7, 2018

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 –  The reader should scroll down to the article titled ‘Transition to v2.7 and v2.8 of EBA FINREP taxonomy’.

The introduction of taxonomy required some firms to use 2.6 to report Finrep and 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)
  • It is understood that reporting will be semi-annual rather than some data being quarterly and others at a more detailed level on an annual basis.
  • Submission will be to Gabriel.
  • Whistlebrook understands that according to EBA guidelines (GL 2018-05), data are not required for the period 13 January  2018 to 31 December 2018.
  • The deadline will be 30 business days after the end of a firm’s accounting period (on or after 1 December 2018).
  • Submission will be to Gabriel.
REP018 (Operational Risk)
  • Frequency is to be annual
  • Submission will be to Gabriel (from 01/10/2018). Prior to that date, it can be sent by e-mail.
  • Date of submission will be at any point during the calendar year
  • First submission is due before 31/12/2018

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.