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

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Presentation on theme: "CEBS actions for 2008 on supervisory reporting Briefing XBRL workshop Amsterdam 6th November."— Presentation transcript:

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

2 Application of the Supervisory Review Process CEBS CP03 | May 2004 Edit document title in the view master slide CEBS document code | 00 Month CEBS actions for 2008 on supervisory reporting Actions 1) Differences in procedures 2) Differences in data definitions 3) Differences in national implementations 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 policy Focus towards 2011

3 Application of the Supervisory Review Process CEBS CP03 | May 2004 Edit document title in the view master slide CEBS document code | 00 Month CEBS actions for 2008 on supervisory reporting Differences in reporting procedures: remittance date Corridor approach converging by Timetable in business days: CONSOLIDATEDSOLO MaximumMinimumMaximumMinimum

4 Application of the Supervisory Review Process CEBS CP03 | May 2004 Edit document title in the view master slide CEBS document code | 00 Month 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

5 Application of the Supervisory Review Process CEBS CP03 | May 2004 Edit document title in the view master slide CEBS document code | 00 Month 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

6 Application of the Supervisory Review Process CEBS CP03 | May 2004 Edit document title in the view master slide CEBS document code | 00 Month 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

7 Application of the Supervisory Review Process CEBS CP03 | May 2004 Edit document title in the view master slide CEBS document code | 00 Month 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.

8 Application of the Supervisory Review Process CEBS CP03 | May 2004 Edit document title in the view master slide CEBS document code | 00 Month 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)

9 Application of the Supervisory Review Process CEBS CP03 | May 2004 Edit document title in the view master slide CEBS document code | 00 Month 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.

10 Application of the Supervisory Review Process CEBS CP03 | May 2004 Edit document title in the view master slide CEBS document code | 00 Month CEBS actions for 2008 on supervisory reporting Tentative timeline for most relevant proposals Q4 2007Q1 2008Q2 2008Q3 2008Q NovDecJanFebMarAprMayJun Jul- Aug Se p OctNovDec Streamlining FINREP Methodology Preliminary results Final reportConsultation period National implementation User test COREP MethodologyPreliminary resultsFinal report Consul tation National implemen tation Simplified reporting procedures Methodology Preliminary results Final report Remittance date and reporting frequency Consultation period National implementation

11 Contact details: Arnoud Vossen tel: +31 (0)


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