The CBI publishes Taxonomy 2.0 introducing XBRL to PRISM and FINREP returns
The Central Bank of Ireland (CBI) has published Taxonomy 2.0., which introduces XBRL versions of:
- PRISM Impact Metrics Data return (“PIMD”)
- FINREP return(s) currently submitted on ONR by investment firms / fund service providers
CBI to strengthen XBRL and XML use amidst impending IFR/IFD
To say that regulatory reporting changes in the blink of an eye would be an exaggeration, but the pace is quickening, and it’s already a matter of months, not years. For the most part, most National Competent Authorities (NCA’s) have already begun to recognize the power of using open data standards (particularly XBRL) for reporting. You might ask, why? Better data leads to better decisions, and in the simplest of terms, XBRL aids NCA’s in faster and more cost-effective comparison of financial information submitted by many reporting entities.
One step closer to IFPR – the FCA publishes its second consultation paper on the new regime for investment firms
In 2018, the European Banking Authority set out to provide investment firms with a less burdensome prudential regime. As a result of many considerations circling around compliance and reporting issues, the Investment Firms Regulation and Directive was introduced: in short, the IFR/IFD package.
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