Amendments to FIN-FSA Regulations and guidelines 1/2014 Risk reporting by credit institutions
On 11 December 2020, the Financial Supervisory Authority (FIN-FSA) issued amended Regulations and guidelines 1/2014 Risk reporting by credit institutions.
Most significant changes
The scope of the regulations and guidelines covering the risk reporting of credit institutions is expanded to cover all credit institutions. As a result, the following new reporting institution categories are added to the S reporting categories:
- 210 (financing institution including foreign branches)
- 214 (consolidation group of financing institution)
- 222 (branch of foreign credit institution engaged in other than deposit bank activities in Finland).
Categories 210 and 214 are added to R reporting and category 211 (financing institution excluding foreign branches) to LTC reporting.
Reporting institution categories of reporting obligations are simplified and clarified such that reporting always takes place in the highest reporting institution category of a consolidation group or amalgamation. For this reason, reporting institution category 202 (deposit bank excluding foreign branches) is removed from S reporting. Category 205 (consolidation group of deposit bank) is added as a new reporting institution category in R reporting.
In addition, V reporting obligations are repealed.
The abolition of V reporting takes effect immediately. The other changes will enter into force on 1 January 2022. This means that reporting for the reporting period ending on 31 December 2021 will take place in accordance with the currently valid regulations and guidelines.
In connection with the changes, some technical improvements have been made to the wording and systematics of the regulations and guidelines.
Summary of feedback on statements received
A summary of feedback on statements received about the regulations and guidelines has been prepared. The feedback summary and statements received are available in the FIN-FSA’s online service and on the website lausuntopalvelut.fi (in Finnish).
Based on the statements received, the FIN-FSA decided to postpone the expansion of the information content of regular LTC reporting to a later date. In this way, the changes will cause as little disruption as possible to supervised entities’ information system projects. In addition, it is possible to ensure that expected new regulations do not give rise to new change requirements. In the meantime, the FIN-FSA will collect the necessary information through separate surveys directed at supervised entities.
For further information, please contact
Tommi Aarnio, Risk Expert, telephone +358 9 183 5007 or tommi.aarnio(at)fiva.fi