Reform of the Reporting System
The Financial Supervision Authority (FIN-FSA) has launched a reform of the system for reporting the financial standing and risks of supervised entities. The tendering phase for the Reporting System is under way, and the system supplier will be selected during spring 2021.
The system reform covers EBA ITS, EIOPA ITS, ESMA and national (Virati) data collections. The data collections will be transferred gradually to the new Reporting System during 2022–2023. A more detailed schedule will be known after the system vendor has been selected.
In the new Reporting System, reporters will have access to a Reporter Portal in which Finnish and foreign reporters will be authenticated and authorised via the suomi.fi service. Communication between the FIN-FSA and the reporter will take place via the Reporter Portal, at which time communication by email will be discontinued.
Each reporter’s reporting obligations will be visible in the Reporter Portal. In the Reporter Portal, the reporter can either upload reports it has produced itself or complete data collection-specific web forms. It will also be possible to submit reports to the FIN-FSA via an interface (A2A) provided for the reporter. No web forms are planned for CSDR7, CSDR9, and MMF data collections, so reports can either be uploaded to the reporting system in the Reporter Portal or submitted through the interface. Reporting feedback on a submitted report will be provided via both the Reporter Portal and the interface (A2A).
Production of the FIN-FSA’s reporting applications will end as reporting is transferred to the new Reporting System. If a reporter still needs in the future to use an application similar to the reporting applications provided by the Financial Supervisory Authority, then corresponding commercial applications for XBRL and XML format reporting are available on the market.
In the new Reporting System, national reporting will continue to be in CSV format.
The supervised entities will be informed of the progress of the system reform as new information becomes available.
Questions related to the reform of the Reporting System