The Central Bank of Ireland (CBI) has launched a new long-term strategy for 2022 to deliver on its mission and vision. Focused on four strategic themes, the strategy centres around openness to change, engagement with relevant stakeholders and safeguarding the financial system. Building upon these high-level priorities, the objectives of financial regulation focus play into the themes of the CBI's strategy, highlighting the need for a robust regulatory framework.
The CBI's focus for financial regulation priorities
Taking into account the "known unknown" of innovation, the CBI has acknowledged that the financial sector faces challenges related to the emergence of new business models driven by technological advancement. Correspondingly, one of the 2022 priorities is to adopt a forward-looking approach to the authorization of firms, based on guidelines, norms and regulations set out by the European Union.
“In an open market economy, it is important that people and companies have the right – legal and practical - to take up new economic activities. The specific authorisation requirements across sectors reflect European regulatory requirements and norms and are risk-based, anchored in our organisational risk appetite. Our experience has shown that where the authorisation process is done well, it mitigates risks which can emerge in supervision.”
Director-General, Financial ConductAt an EU-wide level, the areas of focus will include:
- advancing the capital markets union
- the development of a macro-prudential framework for funds
- the AIFMD review
- shaping the EU-level anti-money laundering structures.
What are the implications for regulatory reporting?
Last year, The Central Bank of Ireland extended its regulatory reporting requirements to encompass a larger scope of XBRL reporting, publishing the CBI Taxonomy 2.0.
We have closely followed these developments, shedding light on the CBI's reporting priorities throughout 2021:
June 2021: CBI to strengthen XBRL and XML use amidst impending IFR/IFD
August 2021: CBI focusing on XBRL and XML amidst new regime for IFs
Reports covered by the current CBI Taxonomy 2.0
Funds Service Providers have been submitting PRISM Impact Metrics Data and FINREP regulatory returns in XBRL since late 2021. It remains to be seen if the CBI taxonomy requirements will be extended further this year to extend the XBRL reporting requirements.
Who might be affected by the new CBI Taxonomy?
If a new CBI Taxonomy is published, a new group of businesses could be expected to introduce a wide scope of XBRL requirements into their reporting workflows.
We’ve got you covered with ATOME Particles
The ATOME Particles team anticipates XBRL reporting requirements published by the CBI and how filers can manage them in a timely manner. You can rest assured that the new taxonomy package will be available shortly after the CBI rolls out a new taxonomy.
Boost your last mile of XBRL reporting
As is often the case with taxonomy updates and regulatory reporting changes, the window for ensuring compliance with reporting requirements is most often, a short one. With “agile” in mind, the best strategy is to rely on a tool that can be quickly updated to comply with the newest taxonomy requirements and validate data in regulatory returns prior to submission. ATOME Particles supports filers in their "last mile" of reporting, allowing for easy Excel/XBRL import, checking regulatory returns against XBRL and non-XBRL validation rules and exporting the report in XBRL or other formats.
If you would like to see how ATOME Particles can support the last mile of your statistical returns submission, get the solution trial here: