COREP filing postponed and 290 bad ITS validations confirmed

EBA’s Implementing Technical Standards (ITS) for supervisory reporting (CRR/CRD IV) have officially been adopted by the European Commission (EC). As a result of the delayed adoption of the ITS, the remittance dates of the first round of COREP reporting filings will be postponed from April/May 2014 to the end of June 2014. The ITS reference dates, however, will remain the same.

Financial services institutions subject to COREP will now be required to submit their first quarterly reports on own funds, large exposures, and leverage and net stable funding ratios to competent authorities by the end of June 2014. Their monthly liquidity reports with reference dates as of 31 March 2014 and 30 April 2014 will also be due at the end of June 2014.

The adoption of the draft ITS on reporting on asset encumbrance has also been delayed so the first round of submissions will cover the period ending 31 December 2014, with submission taking place on 11 February 2015.

Finally, the EBA has published a list of 290 incorrect validation rules found in its ITS on COREP and liquidity reporting, which is expected to increase further in the near future as more real data becomes available.

Source:

EBA, (2014), EBA technical standards on supervisory reporting endorsed with amended calendar, available at: http://www.eba.europa.eu/-/eba-technical-standards-on-supervisory-reporting-endorsed-with-amended-calendar

EBA, (2014), EBA publishes list of incorrect ITS validation rules, available at: http://www.eba.europa.eu/-/eba-publishes-list-of-incorrect-its-validation-rules