CEBS actions for 2008 on supervisory reporting

Briefing XBRL workshopAmsterdam 6th November

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

CEBS actions for 2008 on supervisory reporting

Actions

1) Differences inprocedures

2) Differences in datadefinitions

3) Differences in nationalimplementations

4) Differences in IT

•Standardise remittance date•Standardise reporting frequency

•Increase transparency of Q&A•Industry experts’ networks•Clarify FINREP IQs

•Streamlining FINREP•User test COREP•Subsidiaries data requirements•Simplified approaches for cross-border groups reporting

•Versioning policyFocus

towards 2011

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:

CONSOLIDATED SOLO

Maximum Minimum Maximum Minimum

2009 60 30 45 15

2010 45 30 30 15

2011 30 15

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:

1. Intensify use of current Q&A mechanisms

2. Publish Q&A in national websites

3. Set up panel of industry experts in reporting

4. 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 framework shows 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

Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008

20092010 2011

Nov Dec Jan Feb Mar Apr May JunJul-Aug

Sep

Oct Nov Dec

Streamlining FINREP

MethodologyPreliminary

resultsFinal report Consultation period

National implementation

User test COREP

  Methodology Preliminary results Final reportConsultation

National implemen

tation

Simplified reporting procedures

MethodologyPreliminary

resultsFinal report

Remittance date and reporting frequency

Consultation period 

   National

implementation

Contact details: Arnoud Vossenemail: a.m.j.vossen@dnb.nltel: +31 (0) 20 524 39 03