The UK Financial Conduct Authority selects CoreFiling’s True North XBRL validator for EBA reporting
True North® underpins CoreFiling’s range of solutions for National Competent Authorities and investment firms as they begin XBRL reporting under Corep, Finrep and Solvency II mandates
Oxford, 3rd February, 2014. CoreFiling, the leading developer of XBRL (eXtensible Business Reporting Language) software used by regulators, government agencies and corporates world-wide, have announced that the UK’s Financial Conduct Authority (FCA) has chosen CoreFiling’s True North XBRL validator for its EBA (European Banking Authority) reporting requirements and validation of Corep and Finrep filings from the UK financial market.
The FCA is responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority. Under the new Capital Requirements Directive (CRD IV) the FCA, a National Competent Authority (NCA) reporting to the EBA, must now submit regular capital, exposure and risk data in XBRL format.
To help firms and NCAs comply with the new XBRL reporting regime, CoreFiling provide a range of XBRL solutions tailored to the size and complexity of the individual organisation.
Seahorse® offers a secure, cloud-based disclosure management platform for XBRL forms creation and report filing, with no software to install or maintain and a service providing constant compatibility with the current regulatory taxonomy. Where more complex integration with in-house business intelligence or data aggregation tools is required, CoreFiling’s XBRL Disclosure Management Platform™ provides a comprehensive Corep/Finrep/Solvency II reporting framework, handling data collection, XBRL production and validation, XBRL document review and packaging ready for disclosure submission. True North also provides the ultra-fast XBRL document validation and processing that underpins all CoreFiling products.
Philip Allen, Executive Chairman of CoreFiling said: “During the evaluation exercise CoreFiling were able to demonstrate the speed and accuracy of the True North validator and our deep understanding of XBRL. CoreFiling draws upon many years of experience implementing major XBRL projects, and offers a range of proven XBRL solutions to meet the needs of European regulators, National Competent Authorities and the investment firms for which they are responsible.”
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