In this consultation paper (CP), the Prudential Regulation Authority (PRA) proposes changes to National Specific Template (NSTs) file type and reporting format and presents a number of reporting clarifications and technical corrections relating to the accompanying NST LOG files.
In Policy Statement (PS) 2/15 ‘Solvency II: a new regime for insurers’, the PRA published NSTs and accompanying LOG files. The templates are currently published in Excel format. In paragraph 12.13, the PRA said it expected to move to XBRL reporting and would consult on any change in reporting format.
Specifically, the PRA proposes:
-
reporting for financial year-end 2017 onwards whereby firms submit NSTs in standard XBRL format;
-
transitional arrangements for financial year-end 2016 whereby firms submit NSTs in XBRL-enabled format or standard XBRL; and
-
updates to the NST LOG files to reflect changes in cell references, reporting clarifications and technical corrections.
To enable firms to submit in XBRL or XBRL-enabled Excel format, on 25 October 2016 the PRA published a Modification by Consent to enable firms with a financial year ending on or after 30 June 2016 but before 19 December 2016 to have time to implement the proposed changes to the reporting format.
This consultation closes on Tuesday 6 December 2016.
Press release
Consultation paper
© Bank of England
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article