Posted on: July 20, 2023

Data Collection Transformation

The Bank of England gave an update on the progress of this project. As at the date of this document, the Bank had not put a recording of the Townhall event on to its website, but it is expected soon and should be available within the following location https://www.bankofengland.co.uk/prudential-regulation/transforming-data-collection.

Of note in this update were a couple of points. Whistlebrook understands that a personalised FCA prototype portal has been developed. This portal will provide the user with:

  • Clear guidance
  • Calendar showing deliverables
  • Regulator feedback on data submitted

Also of interest is the ongoing development of a dashboard that will allow firms to view submitted data.

Finally, it is understood that this project will be completed in 2031.

 

BASEL 3.1

The date by which comments need to be submitted about PRA taxonomy 3.7.0 (for implementation of BASEL 3.1) has now passed. Submission of comments was required by 14 July 2023. Once the policy statement (following CP 16-22) and the finalised taxonomy are provided, WIRES will be amended accordingly. The effective date for this new regulation is 1st January 2025.

 

Taxonomies

The following taxonomies are to be introduced into regulatory reporting and included in WIRES.

Reference Change
BoE 1.3.0 Introduction of the Bank’s ‘Issuing Paying Agents’ return to be submitted in XBRL format.

The first report reference date is 30th November, with submission required by 11th December.
PRA 3.6.0 Contingent Leverage Ratio reporting templates (LV49 to LV52) will become effective from 1st January 2024. The first report reference date is 30th June 2024.

 

Only ‘LREQ’ firms (i.e. subject to the UK Leverage Ratio Framework) will be required to make the semi-annual returns.

 

It is expected that this taxonomy will be finalised by the regulator in late summer.
PRA 3.7.0 This taxonomy will introduce BASEL 3.1 and remove the COREP Prudential Backstop templates.

 

It is understood that the need to deduct insufficient coverage on non-performing exposures in COREP CA 01.00, will not be required from the calendar day after the policy statement (follow up to CP 6-23) is issued.

 

WIRES Releases

Whistlebrook is planning to make the following releases of its WIRES software.

Planned Time of Release Content
Mid-October 2023 ·        Financial Resilience FIN073 template (still awaiting its publication)

·        Issuing Paying Agent form IPA, under BoE taxonomy 1.3.0

·        Contingent leverage ratio templates, under PRA taxonomy 3.6.0
End of Feb 2024 Basel 3.1 taxonomy 3.7.0. It is not clear exactly when this taxonomy will be finalised and so the time stated is currently a best guess.

 

This regulatory update is Whistlebrook’s understanding of the position as at 18th July 2023.