As of the 2nd June the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have confirmed a set of validations within the COREP taxonomy that are correct and which they would like to re-activate. The FCA and PRA intend to re-activate these validations for the first reporting period for COREP Own Funds and Leverage, Large Exposures, LCR and NSFR ((i.e. data reporting reference period ending 31st March 2014 with solo and consolidated data due by the final remittance date of 30 June 2014).
Previously the FCA explained to firms that validations would be treated as warnings, and thus would not result in rejected submissions. FCA analysis has now identified 48 validations, all in the Capital Adequacy templates, which the FCA intend to turn back on. This list of validations can be found below.
Once activated, any data that does not satisfy these validations will cause a submission to fail and be rejected by GABRIEL. Any validations not included in this list will continue to be treated by GABRIEL as warnings i.e. data will be accepted by the system.
The European Banking Authority (EBA) has published a list of incorrect validations. For Q1 reporting, GABRIEL will continue to handle them as warnings. If a firm receives a warning from one of these validations, it can be ignored as the EBA has identified these as incorrect.