Updated reporting requirements for PRA regulated firms

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Updated reporting requirements for PRA firms

On 1 January 2022, the PRA’s Policy Statement PS22/21 'Implementation of Basel Standards' took effect.

By way of that PS, the PRA creates a single source for reporting requirements for the firms under its supervision. The Common Reporting Framework (COREP) and Financial Reporting (FINREP) requirements in line with the European Banking Authority (EBA) Taxonomy 3.0 have been incorporated. Subsequently, the PRA has made changes to the Capital Requirements Regulation (CRR) reporting modules and the table below provides a summary of the changes.

Item

Summary

Who does this apply to

Further comments

New data item: COR016 Global Systemically Important Institutions (G-SII)

The PRA has aligned reporting changes with the items seen in the EBA reporting framework 3.0 for G-SII institutions. Information under this module will be submitted via RegData in line with other COREP and FINREP data.

G-SII institutions 

Module COR016 G-SII if detail needed, to be submitted via RegData.

Change of data item code: COR017 Net Stable Funding Ratio (NSFR)

PRA has also aligned to EBA framework for the NSFR to keep consistency in reporting. Subsequently, the data item code COR003 NSFR is now COR017 NSFR.

All PRA regulated firms

RegData submission schedule will reflect this change. 

Removal of FSA045 from schedules

FSA045 will not be required going forward, the PRA have retired this regulatory return to avoid duplication with the COREP internal ratings-based credit risk template C08.03 on the breakdown by probability of default ranges. 

New data item: LVR001 Leverage Ratio

The PRA has made changes to the Leverage Ratio reporting requirements in PS21/21. Firms are no longer expected to submit FSA083 Leverage returns. The Financial Services Act 2021 Regulations will revoke COREP leverage reporting requirements and as such firms will no longer be required to submit COR001b leverage returns. 

All PRA regulated firms

Changes to the leverage reporting are reflected in the Bank of England XBRL (V3.5.0) as a new module, LVR001 Leverage Ratio, and firms must submit data through the BEEDS portal. 

COR014 and COR015 Remuneration

The PRA has moved the Remuneration Benchmarking and High Earners report to XBRL format from 31/12/2020, however, reverted back to XML based templates after an issue was identified with XBRL templates. The EBA released a patch to rectify this and firms are once again expected to use XBRL format if their year-end date is on or after 01/01/2022. Those firms with year-end dates up to 31/12/2021 should still submit in the old XML format. 

All PRA regulated firms

Pause of Supervisory Benchmarking Portfolio

The PRA feels the technical standards for reporting supervisory benchmarks related to capital internal models are outdated and in relation to market risk, no longer apply under UK law. As such, firms will not be expected to submit any data for 2022 or 2023 in relation to the benchmarking exercise. 

All PRA regulated firms

This includes credit risk, IFRS 9 and market risk data (COR009a, COR009b, COR010)

References:

For further information of the PRA Capital Requirements, please see here PS22/21 - Implementation of Basel standards: Final rules | Bank of England

For further information on the UK leverage ratio framework please see here PS21/21 | CP14/21- The UK leverage ratio framework | Bank of England

For the PRA statement setting out the Supervisory Benchmarking, please see here PRA statement on supervisory benchmarking exercise relating to capital internal models - May 2021 | Bank of England