Reporting for investment firms will change from 30 June 2021 | EBA National reporting (Virati)
COREP and AE data collections (Common European Reporting) to end
All reporting related to COREP data collections (COREP OF, COREP LE, COREP LR) and AE reporting will end. The final reporting reference date was 31 March 2021.
IF data collection (Prudential reporting for investment firms) will replace COREP data collection
The Directive on the prudential supervision of investment firms (EU) 2019/2034 (IFD) and the Regulation on the prudential supervision of investment firms (EU) 2019/2033 (IFR) were published on 5 December 2019. The Directive must be implemented nationally by 26 June 2021 and the Regulation will apply from the same date. At the end of February, the Government issued a proposal, HE 16/2021 (in Finnish), on the implementation of the provisions.
In the future, investment firms will be divided in prudential reporting into two classes:
• class 2 (quarterly reporting)
• class 3 (annual reporting)
Reporting under the new IF prudential framework will take place for the first time
• from reporting reference date 30 September 2021 for class 2 firms (deadline for Financial Supervisory Authority 11 November 2021)
• from reporting reference date 31 December 2021 for class 3 firms (deadline for Financial Supervisory Authority 11 February 2022)
Prudential data for reporting reference date 30 June 2021 will be collected from class 2 firms with a separate survey. A separate announcement will be made on this.
The Financial Supervisory Authority (FIN-FSA) reminds supervised entities that supervised entities must constantly meet the requirements of Article 11 of the IFR regarding the amount of own funds. Supervised entities must notify the FIN-FSA as soon as they become aware that they no longer meet the requirements of this Article.
Modules to be reported to the FIN-FSA:
IF_CLASS2 (IF_CLASS2_Con and IF_CLASS2_Ind)
quarterly, templates: I 01.00, I 02.01, I 02.02, I 03.00, I 04.00, I 05.00, I 06.01, I 06.02, I 06.03, I 06.04, I 06.05, I 06.06, I 06.07, I 06.08, I 06.09, I 06.10, I 06.11, I 06.12, I 06.13, I 07.00, I 08.01, I 08.02, I 08.03, I 08.04, I 08.05, I 08.06, I 09.00, I 09.01, C 18.00, C 19.00, C 20.00, C 21.00, C 22.00, C 24.00, C 25.00, C 34.02
IF_CLASS3 (IF_CLASS3_Con and IF_CLASS3_Ind)
annually, templates: I 01.01, I 02.03, I 02.04, I 03.01, I 05.00
IF_GROUPTEST_Ind (entities granted a derogation by request)
quarterly, templates: I 11.01, I 11.02, I 11.03
The European Banking Authority (EBA) has published an Implementing Technical Standard (ITS) for investment firms with regard to DPM version 3.1 used in official reporting and the XBRL taxonomy (Phase 1).
DPM version 3.1 will be used in reporting starting from reporting reference date 30 September 2021. The ITS is binding legislation only after the European Commission has approved it and it has been published in the Official Journal of the European Union.
Financial data reporting (FINREP and Annex Tables FA and FT) remain unchanged
FINREP, FA and FT data collections remain unchanged but they will be reported starting from reporting reference date 30 June 2021 using new reporting institution categories. Companies that do not engage in asset management will report the FT table by entering “Nothing to report” in the general data sheet of the template.
Changes to reporting institution categories of investment firms
The reporting institution categories of all investment firms will change starting from reporting reference date 30 June 2021, excluding reporting institution category 246 (branch of foreign company engaged in investment firm activity in Finland), which remains unchanged.
The new reporting institution categories distinguish:
• class 2 and class 3 companies
• company-specific/consolidated level
• listed companies.
New reporting institution categories:
• 720 Investment firm (does not meet the conditions of Article 12 of the IFR), class 2
• 721 Consolidation group of investment firm (does not meet the conditions of Article 12 of the IFR), class 2
• 722 Listed consolidation group of investment firm (does not meet the conditions of Article 12 of the IFR), class 2
• 730 Investment firm (meets the conditions of Article 12 of the IFR), class 3
• 731 Consolidation group of investment firm (meets the conditions of Article 12 of the IFR), class 3
• 732 Listed consolidation group of investment firm (meets the conditions of Article 12 of the IFR), class 3
A supervised entity’s new reporting institution category can be determined on the basis of the result of a threshold review conducted earlier.
The reporting institution categories have been updated in the list of reporting institution categories: reporting institution categories
The reporting obligations of investment firms have been updated in the financial sector reporting map
The FINREP, FA and FT reporting scope tables have been updated in the reporting section of the FIN-FSA’s website.
Further information on the XBRL taxonomy and the DPM model for ITS reporting is available on the EBA website
For further information, please contact