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Here to help with Regulation and Compliance
Common Reporting (COREP)
On 1st January 2014, CRD IV was implemented across Europe. For some firms this meant a significant change in their regulatory capital requirements. For others, there was little if any quantitative difference. For the latter firms in particular, perhaps the most significant change was that the new rules were implemented at a European level rather than at an national level. This means that the rules look and feel different.
And so it is with regulatory reporting. If you are subject to CRD IV, you should by now see new ‘COR’ regulatory returns on your reporting schedule in Gabriel. That may look harmless enough. But, if you have not noticed it already, you will find that the method of submission is different for these returns.
The old ‘FSA’ returns could be completed on line by typing numbers into a web based form. The ‘NGP’ returns were submitted on paper. Neither of these options is available for the COR returns. These must be coded into an XBRL file and uploaded to Gabriel.
A few brave firms with significant in-house programming resource are attempting this themselves. But for most, the only practical solution is to outsource the XBRL component to an appropriate third party. If you have not yet solved this part of the problem, Compound Growth Limited is in a position to introduce you a leading XBRL expert who has designed a relatively straightforward solution.
We are also available to provide any assistance you may require in completing the returns yourselves.
For more details, please email firstname.lastname@example.org or contact us.
Read more about our CRD IV & COREP Support.