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29-04-2016 | POINT OF VIEW
PRA consults on new proposals for reporting requirements

The Prudential Regulation Authority (PRA) has today published new proposals for the future reporting of balance sheet, statement of profit or loss (P&L) and forecast capital data (currently known as Capital+), which it will be consulting on.

These proposals are designed to be consistent with the PRA’s new data strategy for regulated firms and ensure that the information requirements are effective and proportional in order for the regulator to undertake its judgement-based approach to supervision. Specific proposals include the following:

  • From 1 January 2018, FSA001(BS) and FSA002 (IS) will be replaced with the relevant Financial Reporting (FINREP) templates issued by the European Banking Authority
  • A requirement for more granular data:
    • To ensure that the PRA’s data sets, data architecture and reporting requirements for firms meet user needs across the PRA and are adaptable to changing circumstances
    • To create an organised inventory of data sets and definitions
    • To improve the quality of data (including those reported by regulated firms) used by the PRA
  • The PRA recognises that there are linkages between the introduction of IFRS 9 and the future reviews of reporting requirements, principally the review of credit risk reporting. Firms should provide supervisors with sufficient data to understand the measurement of expected credit losses and to monitor increases in a firm’s credit risk in accordance with the G-CRAECL
  • Capital Requirement Regulation (CRR): aligning (definitions of) PRA-specific reporting content more closely with mandatory requirements (eg COREP and FINREP), which are both based on CRD IV, formalising regular reporting requirements through rules, where possible, to improve transparency and accountability

The PRA’s consultation closes on Friday 29 July 2016 and can be found here: http://www.bankofengland.co.uk/pra/Pages/publications/cp/2016/cp1716.aspx




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