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Compound Growth

Information on COREP Reporting Requirements

1st August 2017

Capital Requirements Reporting

The EU Capital Requirements Regulations (CRD IV) brought in a new EU-wide supervisory reporting framework for Capital Requirements Reporting: Common Reporting (COREP) requirements and Financial Reporting (FINREP) requirements.

For those that may be new to these requirements, such as those firms that are newly authorised by the FCA, we provide a little more information below - in particular with regards to COREP Reporting.

New to COREP Reporting:

When a firm becomes authorised by the FCA, the regulator will send through a reporting schedule that lays out how you are to report and record information about your firm and its business activities.

Essentially the FCA needs to garner information on how your firm’s management structure works and how your business is run.

Whilst there are different reporting requirements for different firms, the EU Capital Requirements Regulations (CRDIV) brings in a new supervisory reporting framework specifically for investment firms that are referred to as COREP and FINREP.

Who does COREP apply to and what does it cover?

Common Reporting or COREP covers the capital requirements and own funds reporting based on Directives 2006/48/EC and 2006/49/EC.

COREP applies to investment firms and covers a variety of a firm’s operations all of which need to be reported to the UK  Regulator - the Financial Conduct Authority (FCA). These items include own funds resources and requirements, large exposures and leverage.

FINREP on the other hand only applies to listed investment firms that use IFRS (International Financial Reporting Standards) for consolidated financial reporting. For FINREP, firms will be required to report the balance sheet as well as the income statement. 

COREP Reporting (as well as FINREP Reporting) requires data to be reported quarterly to the FCA in a special format called XBRL which is uploaded to the FCA’s GABRIEL Reporting system.

NOTE: The Next COREP Reporting Deadline for the quarter 01 April to 30 June 2017 is this month on 11th August 2017.

Help with COREP Reporting:

Since the CRD IV Regulations were implemented in 2014, we have been heavily involved in assisting a variety of firms with their COREP reporting requirements and have therefore garnered significant experience in helping firms easily adopt the new reporting framework.  

If you would like assistance with your firm’s requirements under CRD IV or with any of your regulatory reporting such as COREP, then get in touch or email corep@compoundgrowth.co.uk and we’d be happy to discuss how we can support you.             

In addition, we offer a dedicated COREP Support website that provides a knowledge base for COREP Reporting as well as COREP support, COREP FAQs and a glossary of information for those firms that wish to find out more about Common Reporting Requirements.

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