21 May A RUBA Reporting Change Has Nothing To Do With A Caribbean Vacation
Regulators in France have recently announced a change to the framework previously known as SURFI (Système Unifié des Reporting Financiers). The framework is now called RUBA (Reporting Unifié des Banques et Assimilés) and includes a host of changes that financial institutions will need to accommodate in their reporting going forward. The RUBA reporting change, which expands requirements, adds additional strain on financial institutions that have seen their resources stretched by the global COVID-19 crisis.
Changes to RUBA reporting versus SURFI include 1,800 new data points for reports — encompassing both brand new requirements and updates to existing ones. Those affected by the RUBA reporting change include:
- Notional cash pooling loans
- TITRE_PTF — shares will now be reported with further breakdown by type (listed, unlisted and other participation)
- M_CREANCE — columns have been added to improve the collection of information on non-monetary UCITs
- SITUATION — enriched with reporting on real estate details
In addition, other existing reports have been further enriched, with many requiring comprehensive information on insurance companies, pension funds, deposits, and accrued interest rates on deposits and loans. Furthermore, certain reporting requirements such as the M_CASHPOO report, have yet to be finalized and institutions are left wondering what those changes might mean.
Not A Walk On The Beach
Financial institutions are faced with many challenges presented by these new requirements, particularly in the age of COVID-19 and a difficult environment. Firms are now being required to meet new data sourcing requirements, specifically, in the areas of notional cash pooling loans, granular breakdown of shares, specific information on deposits, and accrued interest rates on deposits and loans. They must also deliver more detailed information to regulators for insurance companies, non-monetary Undertaking for Collective Investment in Transferable Securities (UCITs), and real estate. All of this leaves financial institutions feeling that RUBA reporting will be a very different experience than a trip to the island of Aruba.
SURFI-ng Was Less Complex
Compared with the previous SURFI framework, the granularity and detail required for reported values have been greatly increased within the RUBA change, meaning an increase in the resources needed to comply, particularly if institutions are bogged down by manual, siloed processes. Organizations will need to meet new data sourcing demands to populate reports, and consequently, they may need to implement revised processes to support review, sign-off and audit defense. In addition, timely updates to regulation changes and reconciliation with other reporting frameworks may now be required under RUBA expansion, meaning financial institutions must contend with the headache of harmonizing reports and data across their entire organizations.
Clear Skies Ahead
As firms assess the full impact of COVID-19 disruptions and accompanying regulatory changes, it is even more important than ever for financial institutions to have complete transparency into their data and calculations and be prepared to manage change. AxiomSL’s ControllerView® data integrity platform and solutions powered by the FinView Data Dictionary enable them to:
- Accurately populate RUBA reports with validated data
- Automate processes
- Expedite reporting using built-in reconciliation and management information reports
- Create efficiencies with an end-to-end, technology-driven approach for scalable reporting
With AxiomSL’s proven technology, organizations can satisfy regulatory requirements and deliver the data integrity and auditability that regulators demand in the correct format, including XBRL submissions. By future-proofing their risk and regulatory reporting, organizations can strengthen their resilience in times of crisis, and ultimately, enhance their decision making to drive business growth — ensuring clear skies ahead.
Feel like you’re on vacation, let AxiomSL worry about RUBA reporting changes, contact us.
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