Firms that will fall under IFPRU will need to submit COREP reporting (see article ‘CRD III or CRD IV?’ above and Regulatory Roundup 48). For the frequency of submission of COREP reporting, reference needs to be made to the Supervisory Reporting Implementing Technical Standards (ITS) published by the EBA (see link provided). The same publication also confirms which data items need to be reported. As an example, the data items required for ‘own funds’ can be found in the ‘COREP data items’ link.
The FCA have confirmed that “all CRD firms will continue to use GABRIEL to submit their COREP/FINREP and/or FSA0xx returns”. However, the FCA also advise that online (web forms) and offline (pdf) will not be available; a firm can only use XBRL instance documents. In other words, firms are not going to be able to key in any COREP related data into GABRIEL and are not going to be able to attach a pdf of an Excel template. A firm will be expected to convert the required data into an XBRL instance document and then submit the latter via GABRIEL.
XBRL (standing for Extensible Business Reporting Language) is an XML-based vocabulary for electronic transmission of business and financial data. Supported by the European Parliament, the SEC in the United Sates and other governing bodies worldwide, XBRL is being promoted by some as the official global standard for financial reporting.