24 June 2014
The European Banking Authority (EBA) issued a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, which also includes several rules which have been deactivated. National authorities throughout the EU are informed that data submitted in accordance with these Implementing Technical Standards (ITS) should not be validated against the set of deactivated rules.
Some initial tests based on real data from reporting firms, as well as some answers to questions submitted through the EBA Q&A tool, showed that several validation rules in the Implementing Technical Standards (ITS) on supervisory reporting were incorrect or could trigger problems with some IT tools.
The updated validation rule files are available on the EBA website under "Related documents" in the Supervisory Reporting section.
As more real data will become available in the near future, the list of deactivated validation rules is expected to increase, leading to updated versions being made available on EBA website. The draft ITS on supervisory reporting are part of the single rulebook aimed at enhancing regulatory harmonisation in Europe, specifying uniform formats, frequencies, dates of reporting, definitions and the IT solutions to be applied by credit institutions and investment firms in the EU. They are intended to reduce asymmetries of information between supervisory authorities and financial institutions and to increase the effectiveness of monitoring and supervising financial institutions.