So CRD IV has been agreed, what about the ITS?

The last public draft of the EBA’s model for implementing technical standards on supervisory reporting (the ITS) was issued on 15 March 2013. That was followed on 16 April with the approval of the CRD IV by the European Parliament. So the banks are expecting to have their data reporting systems ready by 1 January 2014 – but they can’t put them in place until the ITS has been finalised.

The EBA is expecting to deliver the ITS, to schedule, in good time for the banks to comply. But financial institutions wanting to start planning on the basis of the draft ITS are at risk unless they can be confident about the shape of the final version. Fortunately, help is at hand.

The EBA is supporting a major compliance conference, “Preparing for CRD IV Reporting” in London on 17 June. Andreas Weller, Head of IT at the EBA, and his colleagues Meri Rimmanen and Wolfgang Strohbach, will be present, with presentations covering their expectations for COREP and FINREP. The format of the sessions, with plenty of time for questions from the audience, will be ideal for in depth discussion of the features being planned for the final version. The conference will be a timely opportunity to put your questions to the authors of the ITS.

The EBA’s presentations will be followed by sessions with implementation experts from Deloitte, IBM and other firms covering the strategic issues around investments in compliance under the new regime.

For more details and registration: http://xbrl.org.uk/conference/

So what are the new rules for COREP and FINREP?

From 1 January 2014, banks will need to report thousands of additional risk and capital data points – a huge increase in frequency, volume and complexity when compared to previous reporting requirements.

Clarity on the regulation is vital to ensure the successful implementation of COREP and FINREP reporting under CRD IV. Step in ‘Preparing for CRD IV Reporting’. As the conference title suggests, the event aims to provide extensive support to the financial community pending the implementation of the reporting framework.

In the afternoon of June 17, the conference has scheduled two separate talks on COREP and FINREP to address the key challenges institutions face in adhering to the complex requirements of the new reporting framework. Meri Rimmanen and Wolfgang Strohbach from the European Banking Authority will provide an authoritative business overview of COREP and FINREP reporting.

Full details and registration for the 17 June event can be found at http://conference.eurofiling.info

The EBA recently published several consultations on draft guidelines and technical standards on their website: http://www.eba.europa.eu/Publications/Consultation-Papers/Open-to-responses.aspx

Preparing for CRD IV reporting

The new CRD IV banking regulation being introduced to bring Europe into line with Basel III regulation is prompting growing debate amongst regulatory authorities and banks alike.  Many aspects remain unclear, so it’s timely that a conference providing deep insight into the new regulatory landscape is taking place on June 17th at the London Hilton on Park Lane.

‘Preparing for CRD IV reporting’ is aimed at those involved in both banking regulation and preparing for the new reporting regime under COREP and FINREP and the conference will raise awareness of the issues around the imminent introduction of CRD IV compliance within Europe.

Sharon Bowles MEP, Chair of the European Parliament’s Economic and Monetary Affairs Committee, and a keen proponent of improving banking regulation at the European level, will give the keynote address, and the morning plenary session will include other high profile speakers from the European Central Bank, the European Banking Federation, the Bank of Spain and the International Monetary Fund.

After lunch, the programme will split into separate track sessions catering for delegates whose main interest is either the business or the technical aspects of CRD IV reporting.  Contributions from the EBA and top consulting firms will be followed by panel discussions and a Q&A session to broaden the debate.

Full details and registration at http://conference.eurofiling.info

CoreFiling at the HMRC SME Expo

Last week CoreFiling took advantage of an invitation to attend the SME Innovation Expo 2013 in London, organised by HMRC in conjunction with Capgemini.  This high profile event gave an opportunity for small and medium IT suppliers to meet with a wide range of people from HMRC and other government departments.

CoreFiling was proud to be chosen to represent the SME community as one of only two companies profiled as ‘exemplars’ of effective working together with government.  During the morning plenary session we shared the platform with Skyscape for informal Q & A giving insight into how to work successfully with a government department, the impact it can have on the business and some of the challenges that SMEs face.  The role CoreFiling played in the invention and pioneering of iXBRL was also recognised during the presentations, which highlighted HMRC’s Company Tax filing project as the world’s largest, highly successful XBRL implementation.

The Keynote Speaker was Stephen Kelly, Chief Operating Officer at the Cabinet Office, who emphasised that under the Digital by Default agenda, there are excellent opportunities for SMEs to help drive efficiencies and offer cost-effective services.

Mark Hall, HMRC CIO, spoke about how HMRC is being transformed into a digital business, needing a different approach to delivering IT services.  Increasingly, this means using a new SME ecosystem that can meet the growing imperative for agility as well as a range of new products and services.  The key message was that:  “HMRC is open for business with SMEs.”

Bill Cook from Capgemini gave a talk about ‘Supporting the SME agenda within government’, which again emphasised the role that companies such as CoreFiling can now play within government IT and how this aligns with Capgemini’s role as a Solutions and Systems Integrator within the new HMRC structure.

During the afternoon, twelve SME organisations exhibited their products and services to delegates from government departments such as HMRC, Cabinet Office, DWP and Ministry of Justice.  CoreFiling and the other exemplar company, Skyscape, were on hand to discuss with other SMEs the keys to engaging successfully with government, and to market our own credentials to the visiting government departments.

This was an excellent, very well attended event.  It was heartening to see the government’s increasing commitment to the SME community.