Announced: Seahorse® is the T4U Successor

After the recent EIOPA announcement that the XBRL reporting tool T4U will be decommissioned next month, many filers are now looking for a quick solution to keep their submissions compliant.

At CoreFiling, it’s our business to keep you compliant – that’s why we are proud to announce that we are offering a free trial to our cloud-based regulatory filing platform, Seahorse®. The successor to T4U.

This free trial gives you the opportunity to create one complete filing to submit to a regulator – and even better, users will have three months to explore the software before submitting their filing. Here are just some of the ways in which Seahorse® can help your organisation:

The Benefits

  • Seahorse® lets you create fast, error-free XBRL filings. Unlike T4U, its data rendering is XBRL-based, so the reports you send will never have data conversion errors or approximations. The data is 100% accurate every time.
  • Seahorse® is hosted in the cloud. Its architecture lets you update taxonomies instantly, with no tedious installations. You can create and view your filings anywhere, any time.
  • Seahorse® allows you to easily create XBRL filings in the familiar environment of Microsoft Excel.

How do I sign up?

Trial access is available to anyone. To claim your trial, simply visit our website and fill out the sign up form.

Are you ready for the CRDIV mandate?

Important changes in bank reporting under CRD IV, the new Capital Requirements Directive, the European enactment of the Basel III legislation, are due to come into force starting from 1st January 2014.

Time is rapidly running out. Despite this, there is evidence to suggest that few banks are gearing up to ensure that their internal processes are ‘fit for purpose’ for the arrival of the new reporting regime.

One reason is that there is still a great deal of confusion about what the new regulations actually entail. This is particularly true for the XBRL technology and related taxonomies required to turn the new reporting regime into reality. It is expected that those taxonomies will not emerge in their final form until the end of the third quarter of 2013, giving very little time before the first COREP reports need to be submitted on 1st Jan 2014.

The issue is also blurred by the continued political debate in the European Parliament about bankers’ bonuses, making people believe that this is the only issue. Clearly this is not the case.

The CRD IV reporting changes in fact go much deeper.

Under the new CRD IV regulations, all of Europe’s banks will have to file increased amounts of exposure and risk data to their respective regulators. It may seem like an additional burden, but handled properly this new data will not only help the banks to gain a competitive edge, but might also prevent another bank collapse.

The ‘Preparing for CRD IV reporting’ conference on June 17th at the London Hilton on Park Lane provides a timely opportunity for regulators to explain the case for the new regulation and for banks to gain valuable insight into the reporting changes and how they might turn them to their advantage.

The conference focuses squarely on the regulatory aspects of CRD IV/Basel III and the underlying business issues, with passing mention of the technology that will underpin the submission of the enhanced reports.

During the business track, presenters will explore the issue of ROI and how, by implementing the new compliance requirements correctly, banks will have the opportunity to outperform their competitors. At the moment, many banks view the new regime only in terms of additional investment. The ROI session answers these concerns and explains why investment in compliance will be abundantly worthwhile. However, doing it properly is the key, and there are issues that need to be fully thought through, e.g. How can the new reports be pulled together? How are they to be approved and signed off? How can banks ensure that data is consistent across all submissions made to their various regulatory bodies?

Both the business and the technical tracks will be highly interactive, with ample time devoted to Q&A allowing delegates to enter into the discussion. The conference also features three key representatives from the EBA, the body responsible for translating the technical standards from the legislative requirements behind the new reporting regime. There’s a chance to quiz the EBA further about the ITS (Implementing Technical Standards) which is key to the process, yet not expected to be finalised until later this year.

It promises to be an interesting debate.

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

XBRL comes of age with Basel III reporting

Europe’s new Basel III capital regulations, newly enacted as CRD IV, will introduce XBRL-based data reporting to new sectors and markets. In what is arguably the biggest upheaval in European banking since the introduction of the Euro, CRD IV will mandate the collection of increasing amounts of banking capital and exposure data throughout the countries of the European Union. For the first time, XBRL will be at the heart of Europe’s financial regulatory systems, joining the tax authorities and business registers who have hitherto been pioneers of XBRL-based business reporting in Europe.

The main players in this drama will be present at a major conference in London on 17 June, “Preparing for CRD IV Reporting”. Chaired by Robert Driver, the British Bankers’ Association’s Policy Expert on COREP and FINREP, the conference will explore the new regulatory environment with speakers from the European Parliament and the European Central Bank, and will discuss the implications of the new regime for both banks and regulators. Presentation topics will include:

  • Regulatory objectives in processing XBRL-based big data
  • Driving financial outperformance through compliance
  • Improving ROI in financial reporting
  • The use of XBRL standards in reducing the reporting burden
  • Ensuring traceability and consistency in XBRL reporting
  • Management challenges around regulatory reporting

Further details….

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/

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