The Committee of European Banking Supervisors (CEBS) is today publishing a new release of the Guidelines on Common Reporting (COREP). These guidelines are intended to be used by credit institutions and investment firms when preparing prudential reports to be sent to any European Union Supervisory Authority according to the new capital framework established in the new capital regulation.
The need for this new version arises from the final approval of the recast Directives 2006/48/EC and 2006/49/EC. The draft numbering of the legal texts used when developing the guidelines on Common Reporting has changed significantly, so a review of the legal references and comments included in the templates became necessary.
In addition, CEBS identified that for some templates additional guidance was needed to clarify the definition of certain items, and that some wording improvements could be realised.
These revised guidelines formally replace the COREP version of January 2006. Our policy is that future changes will in principle be limited to once a year, in order to give some stability to the COREP reporting framework for credit institutions and investment firms across the European Union.
Future changes in COREP will primarily be based on changes on the underlying regulations (Directives 2006/48/EC and 2006/49/EC, and related transposition questions approved by the European Union), reporting improvements (as those arising from implementation questions posted by national authorities and/or external parties) and changes in the scope of the guidelines (e.g., expanding the reporting frameworks to other areas of the capital regulation). The XBRL-taxonomy which supports COREP will be modified accordingly.