Eurofiling minutes

EBA

Comments from EBA:

• 2.9.1.1 published on 4 Feb 2020
  Some validation rules are found to be incorrect and are added to the exclusion list published on 12 March 2020.
• 2.10 phase 1 contains Fraudulent Payments, Remuneration and Funding Plans.
  Fraudulent Payments and Remuneration are primarily used by NCA’s to submit data to EBA (where applicable via ECB).
• 2.10.phase 2 is planned to be published in June including Resolution, FRTB (fundamental review of trading book) and SBP.
• 3.0 is planned for development starting in August and publication in October 2020. EBA is conducting a study on the reporting format with a Task Force including ECB and EIOPA.

More specifically this task force is looking at the problems with large instances and validation performance.

• EBA also works on guidelines for reporting by banks around COVID-19.

ECB

Comments from ECB:

• ECB is testing SFRDP 4.0.0 taxonomy based on the latest changes made by the EBA in DPM 2.9.1.1.
• It will be made public once the necessary changes in the ECB regulation are published.
• The first reference date is June 2020 for which the remittance date is in September 2020.

EIOPA

Comments from EIOPA:

• EIOPA has published public recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure following the outbreak of the Coronavirus/COVID-19.
  Partial reporting approach and some flexibility on reporting timelines are recommended.
  More info: https://www.eiopa.europa.eu/content/recommendations-supervisory-flexibility-regarding-deadline-supervisory-reporting-and-public_en
• Following this EIOPA will publish by early next week the taxonomy technical specifications to support those recommendations, which will mainly consist in some temporary deactivation of some business validations to accept the partial reporting but will NOT require of taxonomy updates (hotfixes).
• EIOPA plans to update the public list of known issues and validations in the following 10 days.

ESMA

No update from ESMA.

Other comments, made during the call:

• ESMA has published the “ESEF Conformance Suite” to facilitate implementation of the ESEF Regulation, to test and provide assurance on whether software tools are able to create and / or consume filings which are in line with all ESEF requirements. In particular, the Conformance Suite permits to determine if a software is able to detect and flag infringements to the ESEF requirements contained in a filing.

The Conformance Suite builds on the rules and guidance set out by the ESEF Regulation and the ESEF Reporting Manual. It consists of 157 XBRL report packages, grouped into 60 tests, packaged in a zip file. It is accompanied by an Excel file which describes the rules and guidelines and the test cases, together with the expected error codes in case of incompliance. For each identified rule and guideline there is at least one valid and one invalid test case.

More info: https://www.esma.europa.eu/press-news/esma-news/esma-publishes-esef-conformance-suite

• IFRS has published its 2020 taxonomy.
  More info: https://www.ifrs.org/news-and-events/2020/03/ifrs-foundation-publishes-ifrs-taxonomy-2020-and-ifrs-taxonomy-formula-linkbase-2020/

SRB

Comments from SRB:

• SRF-EAC will be updated with a few minor changes (labels) and potentially one new data point.

Tentative delivery date: end of July.

• Resolution Reporting for SIs consists of Liability Data Report (LDR), Critical Functions Report (CFR), Financial Market Infrastructures Report (FMIR) and Commission Implementing Regulation on Resolution Report (CIR) defined in the SRB taxonomy extension. Resolution Reporting for LSIs consist of Resolution Report (RESOL) defined in the EBA taxonomy.
  Will be extension of EBA v2.10 RES (part of phase 2) expected to be published in September 2020 depending on the availability of the EBA taxonomy.
  Extension contains SRB specific entry points and validation rules, no data points.
• All the information on which template to be filled in is gathered in the SRB public website: https://srb.europa.eu/en/content/2020-resolution-reporting.
  Please note: as stated on the web page, where an SRB Replacement Report exists (e.g. Z 02.00 is replaced by T 01.00), ONLY the replacement report should be sent by the bank (T 01.00) to the NRA.

Events

Comments from organisation committee:

• Eurofiling Conference is postponed until the situation is more clear. Face-to-face meetings are highly unlikely before the summer. Eurofiling thinks about sharing pertinent information via webinars in a kind of virtual conference. With most Europeans working from home, live broadcasting may be a challenge.

More info: https://2020.eurofiling.info/

Other business:

Comments made the call:

• Some initiatives arise in the XBRL community around non-financial reporting:

The UK FRC has published The Streamlined Energy & Carbon Reporting (SECR) Taxonomy.
More info: https://www.frc.org.uk/accountants/accounting-and-reporting-policy/xbrl-frc-taxonomies

The EC has started a public consultation (https://eurofiling.info/portal/public-consultation-on-the-review-of-the-non-financial-reporting-directive-nfrd/ )

See more in www.greenfiling.info.

EBA
• 2.9.1.1 published on 4 Feb 2020
• 2.10 phase 1 IW1 was published last Friday internally for XBRL subgroup review including Payment, Remuneration and Funding plan
• 2.10. Phase 1 will be published at the end of March
• 2.10.phase 2 is planned to be published in June including Resolution, FRTB (fundamental review of trading book) and SBP
• Ongoing TFERF: 3 working groups, taxonomy, instance and validations rules

Other comments, made during the call:
• EBA plans to provide different entry points for consolidated and solo reporting as was done for 2.9 and prior. The integration into a single entry point is still under consideration.
• TFERF working group on validation rules aims to provide requirements to XBRL international to improve the specifications
This working group could use examples of validation rules that cause problems in processing.
Responses can be send to the Eurofiling mailing group and be picked up by members of the working group.

ECB
Comments from ECB:
• ECB is finalising SFRDP 4.0.0 taxonomy based on the latest changes made by the EBA in DPM 2.9.1.1.
• It will be made public once the necessary changes in the ECB regulation are published.

EIOPA
Comments from EIOPA:
• EIOPA opened on 5 Feb 2020 a public consultation for the review of the technical means. The consultation will close on 20 Apr 2020 and you can find more information on this link: https://www.eiopa.europa.eu/content/review-technical-implementation-means-package-solvency-2-supervisory-reporting-and-public
• EIOPA will publish as every year on 15 July the new taxonomy version. In this case 2.5.0 for Solvency 2 and for Pension Funds. However, for Solvency 2 this year the changes will be only technical corrections as the regulation is not amended.
• An ITDC meeting is scheduled for Tuesday 27th May in Frankfurt. EIOPA is looking for an alternative day / location that would allow people to attend both.

ESMA
Comments from ESMA:
• ESMA is waiting for the IFRS 2020 taxonomy to update the ESEF taxonomy accordingly. No other updates to the ESEF taxonomy are planned for this year.

Other comments, made during the call:
• There is a special page on the Eurofiling website about software suitable for ESEF: https://eurofiling.info/portal/ixbrl-solutions/

SRB
Comments from SRB:
• SRF collection portal is now closed.
SRB has received all the data (3.000 files from the institutions via the NRAs) and processing of the data is starting.
• Resolution collection portal will be open on 2 March 2020.
The SRB will collect the SIs data (LDR, CFR, FMIR and CIR on resolution) using the RES4.0.3 SRB taxonomy and will collect the LSIs data (CIR) using RES1.1.0 EBA taxonomy

Other comments, made during the call:
• There are some labels in the SRF taxonomy with texts like “auto complete. Do not fill in”. These labels were included in the taxonomy to be compliant with the official legal template, since the SRB itself uses the taxonomy as sole rendering resource for its collection system.

Eurofiling conference
Comments from organisation committee:
• All info is available on https://2020.eurofiling.info/
• Conference might be postponed because of the corona virus outbreak.
• On Monday 26 May there will be meet-the-market events by ESMA and EIOPA and working group session for EBA (TFERF).
• Speakers are welcome, please contact the organisation via info@eurofiling.info,

Other comments, made during the call:
• EIOPA ITDC is scheduled for Tuesday 27 May in Frankfurt.

Other events:
Comments made the call:
• XBRL NL, with AFM and NBA, is organising two sessions in March on ESEF that are drawing a lot of interest from reporters, auditors and software & service providers . One session (70 people) is already sold out. More info (in Dutch) on https://nl.xbrl.org/events/esef-bijeenkomst/.

Remarks:
There is also a page on software suitable for DPM style reporting as used for EBA, ECB, EIOPA and SRB on the Eurofiling website: https://eurofiling.info/portal/xbrl-solutions/

SRB update

Two data collections in place (SRF 2600/3100 files are received, closing end of January, mostly in XBRL; ResRep test portal is open Feb3 with the 4.0.3 taxonomy.

PROD opens March 1st; due date = 31.03.2020. For LSI banks the RESOL taxonomy will be used; for SI banks the SRB taxonomy extension is used.

2021 collection exercise is started with EBA with 2.10 RESOL taxonomy; an SRB extension is expected this summer).

ESMA update

ESMA is working on the following:

• Preparation of ESEF conformance suite test files.
• Preparation of an exemplary Annual Report in ESEF format in collaboration with the Global LEI Foundation.
• Preparation of a Meet the Market event to explore the differences and similarities between ESEF and EDGAR reporting requirements for the benefit of FPIs filing to both the EU and the US. The event will take place on 5 February in Milan at the margins of XBRL Europe Day.

Please take note of 2019 ESEF taxonomy files published by ESMA at the end of the year, that followed the in the Official Journal of the EU of the draft RTS updating the RTS on ESEF.

XBRL Spain is working on test material for ESEF.

An issue has been found in non-English labels: non-standard labels (e.g. total) aren’t translated. See details and an Open Source solution at   http://www.openfiling.info/labelroles/
This topic will be discussed at the next XBRL EU meeting in Milan.

EIOPA update

EIOPA will publish a public consultation in February, for the review of the technical implementation means (DPM and XBRL) for the regular reporting and public disclosure. This is part of the big 2020 review of the Solvency II and it follows the business consultations done during 2019 for the review of the business requirements.

EIOPA will migrate the website on the first week of February. Some temporary unavailability of files may occur, in particular for the canonical location of the XBRL taxonomy files (htttp://eiopa.europa.eu/eu). EIOPA highlights the importance of using the taxonomy package which should not be affected. The assertion deactivations (hosted in the subdomain dev.eiopa) should not be affected.

ECB update

Once EBA publishes 2.9.1.1, ECB will work on the FINREP-DP taxonomy, a test period with NCAs is foreseen in the first week of March.

EBA update

2.9.1.1 updated validation rule package will be published 31 Jan 2020.

EBA is working on DPM and taxonomy version 2.10 phase 1 ( Remuneration, Payment, Funding plan), target publication date is end of February.

TaskForce for Evolving the regulatory Reporting Format (TFERF) held its first meeting on 28 January 2020 to discuss the possible future reporting format.

Eurofiling conference

To be held in Madrid on 25, 26 and 27 May 2020.

More info on http://2020.eurofiling.info/.

European Green deal

The publications made by the European Commission include specific chapters dedicated to banks and related to sustainability.

More information is available on https://greenfiling.info/.

ESMA update
ESMA is planning the publication of the ESEF 2019 taxonomy before the end of the year, after notification by the EC in the OJEU.
Eurofiling received an open source contribution from XBRL Spain to enrich the 2017 taxonomy with missing label roles.
Material is available op opensource.info

Further, a simple generation tool to generate an ESEF file from Excel and/or Word documents is made by Ignacio Boixo and Javi Mora which will be soon made public on opensource.info. This tool is useful for simple use cases and learning purposes.

ESMA emphasizes that issuers are only compliant with the regulation if the publication to the public (eg. on their website) is the same as the xHTML document they send to their OAM and if any additional publication to the public (e.g. in PDF) is consistent in terms of content with the xHTML document.

In the wake of the ESEF, European Investors Community is looking into standardising some concepts of interest to investors.

SRB update
Contributions 5.1.1 taxonomy is installed and NRAs can start testing. End of January is the
Resolution data are collected on taxonomy 4.0.3, which includes all reports such as critical functions and
SRB has opened a Q&A section for any party to raise questions (https://srb.europa.eu/en/content/qa)
Note: 2.9 is used for less significant institutions

EBA update
Taxonomy 2.9.1 is released in November, concerns COREP and FINREP. These taxonomies are updated after discovery of number of issues with ao. grey cells.
January 2020: an update will follow with only updated validation rules on COREP and FINREP.
EBA is elaborating 2.10 which will be released in two phases:
Phase 1 in Feb (Funding Plans, Remuneration and Fraudulent Payments)
Phase 2 in May (SBP, RES, FR Trading Book)

EIOPA update
EIOPA has published updates on the 2.4 taxonomy and pension funds. More info on https://eiopa.europa.eu/Pages/Supervision/Insurance/Data-Point-Model-and-XBRL.aspx

ECB
no update

Upcoming events
– UN Climate Change Conference in Madrid, December under the presidency of Chile.
The question is raised how to move towards a reporting framework which is adopted and maybe even imposed at some point.
A volunteer network is being set up to explore the possibilities which will be picked up during the UN Climate Change Conference on December 9.

– XBRL France conference in Paris in December

Next call in January 2020. Wish you a merry Xmas and happy New Year!

SRB update :

SRF data collection; as from November 4, 2019, SRB will open its portal for testing by NRAs of the SRF-EAC reporting.

Resolution reporting: taxonomy 4.0.3 is published alongside documentation on SRB website.

EBA : no update

ECB : no update

EIOPA :

Next Monday a publication will be done of a hotfix to the SII taxonomy 2.4.0 which a fix on 30-40 already pre-existing validation rules.

No changes to tables or entry points.

Tender is concluded and EIOPA is in the contracting phase.

ESMA :

Translations of taxonomies is an open topic.

Other evolutions.

Feedback from the Data Amplified Conference in Shanghai, October 2019: the Eurofiling news channel received by accident a draft report from one participant.

Eurofiling kindly asks all unintended recipients to delete the mail and attachment.

Next events.

See www.eurofiling.info

Global Blockchain event (versus European Financial Transparency Gateway) in Málaga in 11-13 November 2019

48^th WCARS Continuous Auditing and Reporting  event at Banco de España, Madrid in April 23-24 2020

In 2020 the Eurofiling conference will be organised again, the location is not final yet.

Next call scheduled for 27 November 2019 10h30 (technical details, cfr. http://minutes.eurofiling.info/facility/)

EBA update

EBA 2.9

Corrective release 2.9.1 planned for November 2019 covering the COREP and FINREP frameworks.

Hotfix release 2.9.1.1 planned for January 2020 containing new and improved validation rules.

Applicability dates:

FINREP9        06/2020

SBP RM         01/2020

SBP CR         12/2019

SBP IMV        09/2019

EBA 2.10

Expected to be released in 2 phases, similar to 2.9, in February and April of 2020.

EBA 3.0

Almost all frameworks will be updated in this release.

To be released in 2020, probably in Q3.

Call for participation

EBA will send a call for participation to the member states to work together on improving data collection and data modelling.

For improving data collection xBRL-CSV will be discussed.

ECB update

Not discussed.

EIOPA update

EIOPA is reviewing the current approach of the taxonomy, for instance the way the taxonomy schedule, the files structure and the way the validation is done. OIM-CSV is part of the review. This will lead to a consultation on the outcomes of that review in November and a Meet-the-Market in the fall of 2019 or early 2020.

Another legislative public consultation in 2019 will be held on the regulation regarding Pan European Pension Products.

The outcome of the tender on XBRL services will be made public in the coming weeks.

A potential technical issue has be found by a software vendor in the labels used for the new members that EIOPA has added to prepare for UK post Brexit. An email will be send to EIOPA with the details.

ESMA update

ESMA is waiting on EC’s translations of the labels which will be included in the taxonomy files for the 2019 ESEF taxonomy. Those are expected before the end of the year.

SRB update

SRF taxonomy version 5.1 is published on https://srb.europa.eu/en/content/2020-ex-ante-contributions in line with the new requirements, including also the Bulgarian language.

LDR taxonomy version 4.0 is expected to be published around the end of the month, based on EBA 2.9.0.1 RES framework.

Other topics raised.

Discussion on the role of and need for various open source initiatives.

One central question raised is how and if there will be a validation service organised by Europe to testify if ESEF declarations are valid or not against the XBRL standard.

At this moment there are no plans to centrally organise this, each OAM will need to address the topic.

European Commission is updating the rolling plan on standardisation of ICT.

Events

XII: Data Amplified in October in Shanghai

XBRL EU: event 14 November in London about ESEF

XBRL ES: event in Spanish at end of November about ESEF

► EBA update

Haizhen explains details about the published 2.9 phase 2 taxonomy by EBA. This release also includes some fixes on the phase 1 taxonomy (Resolution and COREP). In January 2020 an update will follow covering only validation rules.

► ECB update

ECB is starting its preparations to extend from the 2.9 phase taxonomy its FINREP DataPoints taxonomy.

► EIOPA update

The final SII taxonomy v 2.4.0 has been published on July 15 as scheduled. Applicability date is 31.12.2019

EIOPA meanwhile starts a consultation on the technical formats and will conduct a meet-the-market session further this year. More details will follow.

► ESMA update

ESMA has shared information with the group in writing.

Further, members of the group are interested in experiences from national implementations and more precisely who is active in making extension taxonomies.

► SRB update

For Liability Data, Critical Functions, FMI and CIR: a draft taxonomy based on the first EBA 2.9.0 taxonomy is published on the website of SRB. The final taxonomy based on EBA 2.9.0.1 (hotfix) is under preparation and will be published before the end of September.

For Single Resolution Fund the draft taxonomy is shared with NRAs in closed circle, the final taxonomy is expected to be made public soon.

► Upcoming events

XBRL Conference in Shangai in autumn.

Call was attended by 21 people from 8 countries.

► EBA update

EBA will check the information on availability and starting dates of the 2.9 frameworks listed in the presentation given at the Eurofiling conference and update them if necessary.

EBA 2.9.2 containing SPB and Finrep will (most likely) be available from 9 August 2019 with a review version send to NCA’s around 22 July 2019.

2.9.2 SBP IMV will be applicable from reference date 26 September 2019.

A replacement for Owen Jones has been found: Haizhen Chen will join as of July 1^st.

EBA would like to start soon to discuss the 3.0 technical format evolutions as explained during the Eurofiling conference and welcomes the community to share experiences.

► ECB no specific update

► EIOPA update

Insurers:

The final SII taxonomy version 2.4.0 will be ready by 15 July 2019 and will be applicable from 31 December 2019.

Exceptions may apply for undertakings with a fiscal year different from the calendar year.

Feedback on 2.4.0 is welcomed by EIOPA until the end of this month.

Pension funds:

No update is scheduled. The current taxonomy 2.3.0 remains in effect.

Next major release will be version 2.5.0.

New regulation ‘Pan European Pension Products’ will trigger new reporting obligations in about two years’ time.

► ESMA no specific update

► SRB update

Two data collection systems in place:

1. Liability Data, Critical Functions, Financial Market Infrastructure and Commission Implementation Regulation: taxonomy will be ready in September. A draft will be shared beforehand, expected mid July 2019.
2. SRF data to calculate the contributions by the banks to the resolution fund. The taxonomy is scheduled for publication at the end of July.

The CMT taxonomy mentioned in the slides used at the Eurofiling conference is an internal taxonomy that described data shared between NRA’s and the SRB.

This data will be transferred through the portal using either an Excel or XBRL document based on this taxonomy.

► (Upcoming) events

The slides used to support the presentations at the Eurofiling conference are uploaded to the website.

Please visit http://2019.eurofiling.info/mon-17, http://2019.eurofiling.info/tue-18 or http://2019.eurofiling.info/wed-19 and click on the name of the session to download them as PDF document.

XBRL conference in Shanghai https://www.dataamplified.org/ 22 – 24 October 2019.

► next call

Next call will on 28 August 2019 on 10:30 AMS time.

No call in July due to summer holidays.

► conference call numbers

It has been brought to our attention (thank you Carlos) that the conference call number for France was incorrect.

That has been corrected on the website.

If any participant notices a wrong number on http://minutes.eurofiling.info/facility/, please inform us so we can update the website and either correct or remove the incorrect number.

Standard agenda:
• Roundtable on EBA, ECB, EIOPA, ESMA, SRB taxonomies and reporting requirements.

• around the implementation of the EBA taxonomy
EBA 2.9.0.0 phase 1 taxonomy has been published on May 28. It contains the RES and COREP frameworks and the intention for this partial publication is to enable stakeholders to start implementing and testing already these frameworks.
BdE is programming a new release of DPMA to match this taxonomy, but also where ao. validation rules can be copied between owners keeping the link and reference to the original and not doing a hard copy.

• around the Finrep datapoints taxonomy of ECB
ECB: no particular update

• around the implementation of the EIOPA taxonomy
EIOPA: no particular update

• around the planned implementation of EBA’s RES and SRB’s LDR taxonomy
SRB is elaborating its resolution taxonomy based on the freshly published 2.9.0.0 taxonomy of EBA.

• around the roadmap of ESMA on iXBRL / ESEF
ESMA: no particular update

• Upcoming events
Eurofiling Conference in Frankfurt. Don’t forget to register.

EBA update

Taxonomy 2.9 is being produced and reviewed.
Expected releases:

• Phase 1 in a few weeks with COREP and RES reporting
• Phase 2 towards end of June with FINREP and other reporting

The phase 2 release will also include a complete taxonomy with all frameworks (“full version”) next to packages with only the changed frameworks.

SBP will probably be provided separately to enable parties to implement that framework first as is needed already in October.

The dictionaries to be used ‘in the end’ will be the ones from the phase 2 release. There will be no specific different number for the dictionaries in the 2nd phase release; or at best 2.9.0.1.

Taxonomy 2.8: a 2.8.1 hotfix was discussed in the past but it’s not going to be produced.

DPM Architect news
Banco de España is working on a new release of the DPM Architect application that is enhanced to reflect the architectural changes made in the 2.9 version of the EBA taxonomy.

ECB update

ECB announced that there is no news on its taxonomies.

ESMA update

Publication of the ESEF in the OJEU is expected in June.
ESMA updates its RTS and taxonomy soon with the latest version of the IFRS taxonomy published in March 2019.

Issuers will then be able to use in 2020 this updated IFRS version.

The taxonomy is expected to be released after the endorsement of the RTS and the official translations by the EC. Probably around the year-end.

It is observed by the industry that the IFRS taxonomy labels in some languages are overruled by the European official translations. During the Eurofiling conference this topic will be discussed in detail on Monday morning.

EIOPA update

Very few changes so far. End of May the technical logs of the pension funds taxonomy will be updated.

Still on track for the draft release of SII in June.

SRB update

For the 2020 cycle, the  data collection will be an extension of the 2.9 taxonomy published by the EBA (Phase I).

For LDR new templates T10 and T11 will be included in this extension for additional data points required by SRB, besides entry points needed by SRB.

The extension is planned publication around September.

There may be an update of the SRB dictionaries.

Events update

– XEU meeting in month of May: no update

– Eurofiling Conference, June 17-18-19 at ECB premises in Frankfurt.

Agenda is gradually being filled online.

Please do not forget to register via http://2019.eurofiling.info : impossible to enter the ECB if not pre-registered and accepted.

Conference call numbers

Please inform us (info@eurofiling.info) of any local phone numbers listed at http://minutes.eurofiling.info/facility/ that aren’t working.

Next call

Wednesday 29^th May 2019 10:30 – 11:30 AMS time zone.