EBA publishes list of incorrect ITS validation rules

It's all go on the CRD IV front! First a delay to June 30 is announced regarding the first round of COREP and Liquidity submissions to National Competent Authorities, and now the EBA has published a list of incorrect ITS validation rules.

XBRL validation has been a major pain-point in many firms' implementation projects, with there being significant variations in the relative performance of vendor solutions across the market. The EBA has today confirmed that data submitted in accordance with the Implementing Technical Standards (ITS) should not be validated against the published set of incorrect rules.

The EBA also announced that some initial tests based on real data from reporting firms, as well as some answers to questions submitted via the EBA Q&A tool, showed that several validation rules in its Implementing Technical Standards (ITS) on supervisory reportingwere incorrect. As more real data will become available in the near future, the list of incorrect validation rules is expected to increase.

The EBA will publish updated versions of this list well in advance of the remittance date for Q1 2014 data, which is 30 June 2014.