REPORTER XBRL regulatory submissions for FCA’s new (V2.1) taxonomy
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REPORTER XBRL regulatory submissions for FCA’s new (V2.1) taxonomy
- Financial Conduct Authority (FCA) – GABRIEL (Gathering Better Regulatory Information Electronically): online regulatory reporting system for collection, validation and storage of regulatory data
Lombard Risk Management plc (LSE:LRM), a leading provider of integrated regulatory reporting and compliance, and collateral management solutions for the financial services industry, announces that it has successfully completed the testing of REPORTER regulatory submissions via GABRIEL using the regulator’s new taxonomy (V2.1).
On 21st August 2014, Lombard Risk reported that its regulatory reporting software, REPORTER, could provide same-time support for multiple versions of the XBRL filing taxonomy.
Since then, a new version of the taxonomy has been released which takes into account additional reporting requirements, including Asset Encumbrance, and includes taxonomy adjustments to deal with inconsistencies that existed in the first version.
On 11th September, the regulator provided a 48-hour window for firms to test submissions with the new taxonomy to GABRIEL (the online submissions portal). Lombard Risk was fully prepared and ready for this, and was able to successfully complete regulatory submissions testing using the new taxonomy. This means that REPORTER users will be able to make their next set of submissions in a format that meets the FCA’s requirements.
Nick Davies, CTO, Lombard Risk comments: “Despite the ever-increasing changes still coming from the regulator around COREP, and the need to support the upcoming FINREP returns for the first time, Lombard Risk has continued to show not only thought leadership with its unique (and currently free to use)XBRL Checker/Validatorand XBRL Visualiser, but continues to stay ahead of the competition in the regulatory space by ensuring it was able to test its world-class regulatory products and web offerings using the new 2.1 taxonomy against the limited testing window made available, all helping to ensure customers stay ahead of these challenges.”