General note: below minutes are written by Eurofiling and are not official statements by the mentioned organisations.
Special topic: DORA
DORA covers (1) reporting of a register of parties used by a financial institution for IT tasks and (2) reporting of any incidents that have occurred.
These reports are collected by CA’s and forwarded to the EBA.
The registers are used by the EBA to determine which third parties are critical to the financial system. Those critical third-party providers are overseen by the EBA.
First reporting of register data is expected for mid-2025. Exact date is unknown as the underlying ITS is not yet adopted by the EC.
The format used by EBA for register data is often referred to as ‘plain csv’. This must be understood as an easy to create structure that is fully in line with the xBRL-CSV standard. A ‘plain CSV’ DORA report can therefore be validated with any certified xBRL-CSV engine.
EBA created an XBRL taxonomy in the EBA 3.5 taxonomy for use in dry-run exercise.
EBA thanks the many institutions that participated as it gave valuable insights.
This 3.5 version will be updated to reflect the changes made in a future ITS adopted by the EC.
As it is currently unknown when that adoption takes place, that taxonomy will be part of EBA 4.0 or EBA 4.1.
EBA update
EBA taxonomy 3.5 was published in July of this year with taxonomies following the taxonomy architecture v1 and v2. Only v1 must be used for reporting. V2 is for information only.
The v2 taxonomy has been updated to contain the validation rules and an improved definition linkbase (less hypercubes).
The v1 taxonomy has also been updated to fix minor errors in the FiCo module. This hotfix version must be used for reporting.
EBA is currently revising the glossary. The new metrics, dimensions, domains and domain-members will be used from EBA release 4.0 onwards as they become available.
So, from 4.0 all modules will be republished to reflect the new elements added, regardless of there being ITS changes for these modules.
Taxonomy 4.0 will contain new versions of modules COREP_OF, COREP_LR, IF class 2 and MICA implementing new ITS’s. Dora RoI will be added if possible.
A draft release of EBA taxonomy 4.0 will be made publicly available in October. Feedback will be very welcome.
Taxonomy 4.1 will contain new frameworks: Instant Payments and MICA Guidelines New versions of existing modules are expected for Pillar3 and SBP.
As this release is planned for end of Q1 2025 the SBP module to be reported by February must use the current version.
The completely revised glossary will be part of EBA taxonomy 4.2. For all modules that have no ITS changes in 4.x, this version must be used from reference data Q4 2025 onwards.
EIOPA update
The PWD for SolvencyII 2.8.2 was published recently.
The session EIOPA organized around the public working draft was attended by over 400 participants.
The presentation used for it is available from the EIOPA website: SII_2.8.2_PWD_presentation Q&A session.pptx
EIOPA has prepared a simplified changelog: Simplified_change_log_between_EIOPA_SolvencyII_2.8.0_Hotfix_vs_2.8.2_PWD.xlsx
Comments on 2.8.2 PWD are welcome until October 7.
SRB update
The version of SRF EAC-IND published in July is the final one.
SRB is finishing the 2025 version of Resolution Reporting (ResRep): it will be published early October.
This version is an extension of the EBA taxonomy. It allows only reporting using xBRL-XML and is based on the EBA taxonomy architecture v1.0.
SRB will start a major review of Resolution Reporting at the end of this year.
ESMA update
No major developments to report at ESMA.
ESMA is working on a consultation paper on sustainability reporting based on ESRS work done by EFRAG.
A question was asked on the starting date for sustainability reporting.
ESMA replied that the EC provides FAQs on sustainability reporting that makes clear that reporting can only start once the technical specifications (i.e. the taxonomy) are finalized.
ECB update ( not discussed at the call)
No updates to report since the previous call.
XBRL International update
Many developments are taking place, e.g. digital signatures and XBRL Rules 3.0.
Most relevant for Eurofiling taxonomies:
- Minor update to Table Linkbase specification that resolves some interoperability issues
- OIM Formula is awaiting implementation in products to move to the final status (recommendation). This spec will enable Formula validation without an XML-structure.
- Table Constraints is a new specification that extends xBRL-CSV to allow efficient validation of data types, uniqueness, optionality and reference keys on the very large reports xBRL-CSV is intended for.
Special topic Sustainability
EFRAG publishes its XBRL Taxonomy for ESRS Set 1, which enables the digital tagging of ESRS statements. In addition, EFRAG publishes the XBRL Taxonomy for Article 8 disclosures that the EC requested EFRAG prepare. The digital taxonomies enable the marking up (‘tagging’) of sustainability reporting in machine-readable XBRL format. More information on https://www.efrag.org/en/news-and-calendar/news/efrag-publishes-the-esrs-set-1-xbrl-taxonomy.
Events
Data Amplified will take in Madrid Spain in November.
Next meeting
November 27 2024 at 14:00 – 15:00 (Paris time).
Different time as there is an EBA event in the morning that many regular presenters must attend.