Posted on: September 30, 2021
Bank of England Taxonomy 1.2
The final version of this taxonomy was published by the Bank of England on 6 September 2021. This taxonomy covers changes to existing statistical returns that are being introduced together with the replacement of OSCA by BEEDS. The taxonomy will require data to be submitted in units (across all BoE forms) and XML format will be replaced by XBRL. Validation rules that are akin to those of EBA taxonomies, will be applied. All changes are to be included in Wires. It is understood from the publication that there are no additional reporting requirements for firms.
Whistlebrook understands that an interface to BEEDS will not be published by the Bank of England until late summer of 2022. Therefore assuming that timeline does not change and all firms are reporting to BEEDS by 30 June 2022, there will be a period where institutions will need to manually upload their XBRL files to BEEDS.
Bank of England Taxonomy 3.5.0
Also on 6 September 2021, the Bank of England published a working draft of taxonomy 3.5.0. The final version will be used to collect submissions of leverage ratio data as specified in the new UK specific templates (available from page 75 of PRA consultation paper 14-21). These templates will be effective from 1 January 2022 and have a first report reference date of 31 March 2022. The necessary changes will be added into Wires in due course.
UK Leverage Ratio Framework
Following on from PRA consultation paper 14-21, a policy statement is expected in the final months of 2021, that will finalise the leverage ratio requirements. It is understood that the existing EBA COREP Leverage Ratio templates will be withdrawn from 1 January 2022 and replaced with UK specific ones. All firms will be expected to comply with the minimum leverage ratio of 3.25%.
This regulatory update is Whistlebrook’s understanding of the position as at 20th September 2021.