As the year end approaches, it is time to review the changes in the taxonomy for EIOPA reporting which apply from Q4, 2020.
Software and applications are increasingly making use of cloud storage. Almost everyone makes use of this convenient technology in their everyday lives, whether it be to backup the data on their mobile phone or store photographs and other data.
Introduction
LEI (Legal Entity Identifier) is an international identification number which is used for legal entities (e.g. companies or government entities) operating in financial markets. Institutional investors including banks, insurance companies and pension funds use LEI codes as they are required for supervisory reporting. LEI codes are also useful in the calculation of solvency capital requirements.
NACE
(for the French term “
N
omenclature
statistique
des
A
ctivités
économiques
dans la
C
ommunauté
E
uropéenne
”)
is a European standard for industry grouping widely used in statistic
s
. It
is required for
institutional reporting like Solvency II and EIOPA reporting
for pension schemes
.
It comes from
EU Regulation 1893/2006 of the European Parlament
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What is NACE?
A quick Google search for “EIOPA reporting for Pensions Schemes” brings up the Data Point Model and XBRL page on the EIOPA website. This page contains an enormous amount of information and can extremely useful for those of us who need to produce and validate the XBRL reports required by EIOPA and the ECB.
The Bergen City Council Pension Fund (BKP) is one of the largest pension funds in Norway. With assets of nearly EUR 2bn, BKP will be required to submit EIOPA's new reports for pension schemes from Q3, 2019. BKP have successfully reported to the Financial Supervisory Authority of Norway as part of a test exercise. The pension fund is now well prepared to meet the reporting requirements.
Given a number of technical issues, the Pensions Authority has decided to defer the collection and reporting of data to EIOPA. Pension schemes will therefore not be required to submit EIOPA data separately to the Pensions Authority for a temporary period. This period is expected to be short.
