Bank of England updates reporting requirements

Posted on January 7, 2022 by Editor

The Bank of England's Prudential Regulation Authority (PRA) has made a number of changes to its regulatory reporting requirements for the banking sector. A recent statement offers guidance on how these changes are being implemented in its Capital Requirements Regulations (CRR) reporting modules.

"The PRA has incorporated the entire body of the UK version of COREP and FINREP requirements, which is aligned to the European Banking Authority (EBA) Taxonomy 3.0, into PRA rules to create a single source for reporting requirements for firms," it states.

It also highlights a new reporting item reflecting changes to the reporting requirements on leverage ratio, now incorporated into the Bank of England Banking XBRL taxonomy as a new module, for submission via the Bank's new BEEDS portal. Of further note, the Bank will now require XBRL reporting on certain aspects of remuneration - Remuneration Benchmarking and High Earners - which had previously been delayed by issues with the EBA reporting templates, now fixed in the EBA Taxonomy 3.0.

For those with a close interest in reporting in the UK, two other recent statistical notices from the Bank may also to be of interest. They provide the latest reporting schedule for statistical returns in 2022, and advise on a forthcoming corrective release of the Bank of England Statistical Taxonomy.

Read more here, here and here.