Cebs actions for 2008 on supervisory reporting
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CEBS actions for 2008 on supervisory reporting. Briefing XBRL workshop Amsterdam 6th November. CEBS actions for 2008 on supervisory reporting. Standardise remittance date Standardise reporting frequency. 1) Differences in procedures 2) Differences in data definitions

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CEBS actions for 2008 on supervisory reporting

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Cebs actions for 2008 on supervisory reporting

CEBS actions for 2008 on supervisory reporting

Briefing XBRL workshop

Amsterdam 6th November


Cebs actions for 2008 on supervisory reporting1

CEBS actions for 2008 on supervisory reporting

  • Standardise remittance date

  • Standardise reporting frequency

1) Differences in

procedures

2) Differences in data

definitions

3) Differences in national

implementations

4) Differences in IT

  • Increase transparency of Q&A

  • Industry experts’ networks

  • Clarify FINREP IQs

Actions

  • Streamlining FINREP

  • User test COREP

  • Subsidiaries data requirements

  • Simplified approaches for cross-border groups reporting

Focus

towards 2011

  • Versioning policy

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Cebs actions for 2008 on supervisory reporting2

CEBS actions for 2008 on supervisory reporting

  • Differences in reporting procedures: remittance date

  • Corridor approach converging by 2011.

  • Timetable in business days:

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Cebs actions for 2008 on supervisory reporting3

CEBS actions for 2008 on supervisory reporting

  • Differences in reporting procedures: reporting frequency

    • Maximum frequency: quarterly

    • Exceptions:

      • Investment firms under art. 9 Directive 2006/49/EC

      • Summarised information of capital ratio in solo basis for

        SA institutions

      • Use of templates for data collection for monetary policy.

COREP

FINREP

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Cebs actions for 2008 on supervisory reporting4

CEBS actions for 2008 on supervisory reporting

  • Differences in data definitions:

  • Intensify use of current Q&A mechanisms

  • Publish Q&A in national websites

  • Set up panel of industry experts in reporting

  • Clarification of scope of Q&A in FINREP: no IFRS interpretation

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Cebs actions for 2008 on supervisory reporting5

CEBS actions for 2008 on supervisory reporting

  • Differences in national implementations:

  • Streamlining of FINREP

    • Lower level of commonality in non-core information

    • Identify areas with low supervisory interest

    • Reasons behind the lack of usage of certain templates

    • It implies a net reduction in the required data

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Cebs actions for 2008 on supervisory reporting6

CEBS actions for 2008 on supervisory reporting

  • Differences in national implementations:

  • user-test of COREP + reporting requirements of subsidiaries

    • Criticism of industry on amount of data => Built to meet different supervisory practices

    • Comparison with the (draft) US frameworkshows that COREP requires more information.

    • Review of the framework by experts in each area to check that the data are actually used

    • Reduction of reporting requirements of subsidiaries not covered by COREP.

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Cebs actions for 2008 on supervisory reporting7

CEBS actions for 2008 on supervisory reporting

  • Differences in national implementations:

  • analysis of simplified reporting procedures for cross-border groups

    • Investigate potential alternatives (one-entry point, interconnected databases)

    • Analyze:

      • Cost and benefits

      • Technical and business requirements

    • Have in mind relevant obstacles (e.g. national discretions)

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Cebs actions for 2008 on supervisory reporting8

CEBS actions for 2008 on supervisory reporting

  • Differences in IT mechanisms:

  • harmonised versioning policy

    • Cooperation to modify at the same time the Guidelines

    • Cooperation to change the version of the XBRL taxonomy at the same time.

    • Give enough time to industry and national authorities to assimilate any changes.

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Cebs actions for 2008 on supervisory reporting9

CEBS actions for 2008 on supervisory reporting

  • Tentative timeline for most relevant proposals

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Cebs actions for 2008 on supervisory reporting

Contact details: Arnoud Vossen

email: [email protected]

tel: +31 (0) 20 524 39 03


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