Friday April 17 2020

News Source: Fund Regulation

Focus: Solvency II

Type: General

Country: European Union




Finanssivalvonta (FI) announced that Solvency II DPM 2.4.0 validations have been updated and the changes enable reception of partial reports during COVID-19 crisis. A circular has been published by EIOPA on Technical Specifications and FAQs on Solvency.

Technical specifications

EIOPA has considered different options and concluded that the current 2.4.0 Solvency II taxonomy is suitable to accommodate the recommendations. Therefore, there is no need of taxonomy updates/hotfixes to implement these Recommendations, and it is only necessary to temporarily deactivate a small set of validations that could block the acceptance of Partial submissions.

Note that a change of severity from blocking to non-blocking validations according to the current XBRL specifications would require a light taxonomy hotfix. For this reason, it has been decided that the validations are to be temporarily deactivated at list of validations and taxonomy level, and will be reactivated right after the end of the extraordinary extended deadlines for submission from undertakings to Competent Authorities.

FAQ

  • Shall the Partial submission be treated as regular or ad-hoc submission in R0100 of the Basic Information templates?
  • If the Partial submission does not satisfy all active validations, does it need to be resubmitted?
  • Will Level 2 deactivations (from Competent Authorities to EIOPA) be the same as for L1 reporting (from Filers to Competent Authorities)?
  • Are the Recommendations aligned with the ECB?
  • Is quarterly reporting affected?
  • My software solution does not support/cover the use of XBRL field 1 of basic information explained in point 10.
  • I am reporting to my National Competent Authority using means other than the EIOPA XBRL taxonomy.
  • What are the expected Delays/reactivation dates?

Click on the below link for further information.