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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 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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  1. CEBS actions for 2008 on supervisory reporting Briefing XBRL workshop Amsterdam 6th November

  2. 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 Edit document title in the view master slide CEBS document code | 00 Month 2004

  3. CEBS actions for 2008 on supervisory reporting • Differences in reporting procedures: remittance date • Corridor approach converging by 2011. • Timetable in business days: Edit document title in the view master slide CEBS document code | 00 Month 2004

  4. 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 Edit document title in the view master slide CEBS document code | 00 Month 2004

  5. 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 Edit document title in the view master slide CEBS document code | 00 Month 2004

  6. 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 Edit document title in the view master slide CEBS document code | 00 Month 2004

  7. 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. Edit document title in the view master slide CEBS document code | 00 Month 2004

  8. 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) Edit document title in the view master slide CEBS document code | 00 Month 2004

  9. 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. Edit document title in the view master slide CEBS document code | 00 Month 2004

  10. CEBS actions for 2008 on supervisory reporting • Tentative timeline for most relevant proposals Edit document title in the view master slide CEBS document code | 00 Month 2004

  11. Contact details: Arnoud Vossen email: a.m.j.vossen@dnb.nl tel: +31 (0) 20 524 39 03

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