What is COREP/FINREP?
With an aim to ensure financial transparency across EEA (European Economic Area), the European Banking Authority introduced the Capital Requirements Directive IV (CRD IV). The directive intends to cover banks, building societies and investment firms. Most of the rules have been in place from 1 January 2014. The CRD IV regulation comprises of two reports namely COREP (Common Reporting) and FINREP (Financial Reporting).
Common Reporting aims to increase transparency in regulatory reporting by increasing the granularity of data requirements. It applies to all credit institutions and investment firms operating in EEA. The regulation requires these firms to follow the below mentioned five reporting templates for capital adequacy and capital requirements:
- Capital Adequacy
- Credit and Counterparty Credit Risk
- Group Solvency
- Market Risk
- Operational Risk
These reports have to be filed monthly and quarterly with the National Supervisory Authority.
Financial Reporting intends to step up the harmonization and convergence in supervisory reporting requirement. It will apply to all credit institutions that consolidate their financial reports based on IFRS. The templates covered under FINREP include:
- Primary Statements (Balance Sheet and Income Statement)
- Primary Statements (Comprehensive Income and Equity)
- Disclosure of financial assets and liabilities
- Financial asset disclosures and off balance sheet activities
- Financial asset disclosures and off balance sheet activities and non-financial instrument disclosures
These reports have to be filed annually with the National Supervisory Authority.
Credit institutions and investment firms across 31 countries of Europe
Common Reports(COREP) and Financial Reports(FINREP))
Monthly, Quarterly (COREP) and Annually (FINREP)
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