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CRD IV factsheet on reporting for investment firms

The (COREP [1] and FINREP) reporting obligations of credit institutions are a consequence of Articles 99, 101(4), 394(1), 430 and 415 of the Capital Requirements Regulation (CRR). Article 101 of the CRR contains an additional obligation to report immovable property (IP) exposures.

Published: 04 March 2024

This factsheet outlines the reporting obligations following the introduction of the ITS on Supervisory Reporting as well as the additional national reporting obligations. You would be well advised to study the ITS carefully.

These reporting obligations will also be included in the Supervisory Regulation on Reporting Forms for Financial Undertakings (Regeling staten financiële ondernemingen Wft), which was amended in January 2014.

COREP

  • Investment firms which come under Article 95 of the CRR should report by using the following COREP templates:
    • capital adequacy template
    • own funds requirements
    • capital ratios
    • memorandum items, and
    • transitional provisions.
  • · Investment firms which come under Article 96 of the CRR should report by using all COREP templates, with the exception of the operational risk template.
  • · Investment firms which come under Article 92 of the CRR should report by using the following COREP templates.
  • · Reporting should be on an individual and a consolidated basis, unless a waiver has been granted pursuant to Articles 7 or 15 of the CRR.

FINREP

  • Investment firms which draw up the financial statements in accordance with the IFRS standards (voluntary) or under the local GAAP may use a limited number of reporting templates, including:
    • the balance sheet and profit and loss account
    • off-balance-sheet items, and
    • further notes to the balance sheet and profit and loss account.
  • Investment firms that draw up the financial statements in accordance with the IFRS standards (voluntary) must report by using the above templates in accordance with the DNB report entitled ‘Request for financial information from non-IFRS institutions’. These templates are nationally formulated, but are now fully based on the FINREP (according to local GAAP) from the ITS. This should be done as of 1 January 2014.
  • Investment firms that draw up the financial statements in accordance with local GAAP should report by using the above reporting templates in accordance with the DNB report entitled ‘Request for financial information from non-IFRS institutions’. These templates are nationally formulated, but are now fully based on the FINREP (according to local GAAP) from the ITS. This should be done as of 1 January 2014.
  • Investment firms which have an authorisation for activities (a) and (d) referred to in Section 1:1 of the Financial Supervision Act (Wet op het financieel toezicht or Wft) and which do not hold customers’ money are required to report twice a year in accordance with FINREP.
  • Financial holding companies with a waiver under Article 15 of the CRR report once a year in accordance with FINREP.
  • The reporting obligation under FINREP applies both to the authorised institution and at consolidated level.

Certification

Under Section 3:72, subsection 7, Wft, DNB may determine that the statements submitted by an investment firm should be accompanied by an audit report. To minimise the administrative burden for the sector, DNB will in practice require investment firms to submit statements only if there are doubts about the reliability of the figures or if the firm’s financial statements do not include an audit report.

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[1] In this context COREP (Common Reporting) is taken to mean reporting on own funds, risk, large exposures (LE), leverage ratio, liquidity coverage ratio (LCR), net stable funding ratio (NSFR) and immovable property losses.

[2] This ITS is still a draft version. The European Commission has yet to confirm whether it can be published in its final form and enter into force.

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