03 February 2015

What do I, need to do about: COREP/FINREP

FCA Email: You may recently have received an email from the FCA telling you that GABRIEL has been updated and is now ready to receive submissions of COREP and FINREP from 1st April.
CRD IV took effect on 1st January 2014. These are new financial rules which contain some changes from the previous set. While the devil is so often in the details, one of the biggest changes here was that the new rules are made at a European level rather than a UK national level. Consequently they look rather different. COREP and FINREP reflect this change for financial reporting. They replace certain returns you were previously making to your national regulator. Although you will still be required to report to the same place, the new reports are now standardised across Europe and have been designed at a European level.

What’s changed:
Clearly the new returns are designed with the new rules in mind. They have also been designed by a different authority so they look different. And in some regards they require more detail. However, if you are doing your financial resources calculation correctly, you should be able to complete them. The hardest change is likely to be that new returns can not be completed online in GABRIEL. They must be prepared in XBRL (Extensible Business Reporting Language and uploaded onto the system as a validated file.
How Trading Compliance can help: We can provide support and assistance with your preparations for the new requirements.:
• We have sourced a competitively priced and easy to use solution for converting the new returns from an Excel template into a submission-ready XBRL file.
• We can assist with the familiarisation process with the new forms.
• We can help you to map your existing data into the new format required.
• We can perform high level or detailed reviews of your regulatory capital calculations and their compliance with the new rules.

Please get in touch with either Jude Bahnan This email address is being protected from spambots. You need JavaScript enabled to view it. or David Dudeney This email address is being protected from spambots. You need JavaScript enabled to view it. to discuss how we can help you. Or call us 020 3301 4545