NEW REPORTING OBLIGATIONS
Under the Markets in Crypto-Assets Regulation (MiCAR), the European Banking Authority (EBA) has established specific reporting obligations for financial institutions involved with asset-referenced tokens (ARTs) and e-money tokens (EMTs) denominated in non-EU currencies. These obligations are detailed in the Implementing Technical Standards (ITS) and are designed to standardise data reporting across EU Member States, ensuring a unified supervisory approach with consistent templates.
Reports must be submitted in the xBRL-CSV format, which is part of the EBA’s Data Point Model (DPM) 4.0 framework. This format enhances data quality and efficiency in financial reporting.
ADDRESSING THE TECHNICAL REPORTING CHALLENGES
BRSANALYTICS is the leading local providing of xBRL-XML and xBRL-CSV solutions, assisting various credit, financial and insurance companies that require XBRL technical convertors since 2017. The team assists by providing Excel templates for institutions to fill in data and a quick and easy solution to validate and convert data as required by the local regulators, taking away all the complexities.
BRSANALYTICS XBRL – READY TO DEPLOY
‣ In Malta, same Conversion Software Engine used by the MFSA
‣ Immediately Available
‣ No XBRL Knowledge Required
‣ Quick Compliance Achieved
‣ Accurate Reporting
‣ XBRL-Validation Included
‣ XBRL-Certified Software
‣ Always Produce Fully Valid Regulatory Reporting
BRSANALYTICS XBRL – READY TO DEPLOY
‣ In Malta, same Conversion Software Engine used by the MFSA
‣ Immediately Available
‣ No XBRL Knowledge Required
‣ Quick Compliance Achieved
‣ Accurate Reporting
‣ XBRL-Validation Included
‣ XBRL-Certified Software
‣ Always Produce Fully Valid Regulatory Reporting
THE CHALLENGES
Frequent Updates – While the EBA is expected to periodically update its taxonomy, this means that customers must ensure that the software they purchase is either promptly updated by the supplier or the software is easy to update by the customer/s themselves.
Time pressures are also a key concern as the data must be accurate and consistent across all aspects of the reporting. It is also important that the software allows you to quickly find any errors.
The format and technology of XBRL is also complex and understanding this technology is normally quite daunting requiring expert knowledge. It is important that software abstracts the complexities of the technology and responds to any technical standard changes in a fast manner.
OUR SOLUTION
SIMPLE AND FAST XBRL REPORTING – BRSANALYTICS XBRL Solutions offer pre-mapped Excel-based templates and tools to convert and validate them easily into XBRL. No understanding of XBRL or underlying technologies is required.
BUILT-IN VALIDATION RULES – As part of the xBRL framework, during the conversion process, the data set is automatically validated to ensure that reporting is consistent and as required by the EBA framework.
INTUITIVE AND EASY TO USE – The XT Cloud portal solution is user friendly, allowing customers to easily get accustomed to the solution after a familiarisation session provided by the BRSANALYTICS Team.
QUICK AND FLEXIBLE DEPLOYMENT – there is no need to change any of your existing systems. The solution is offered as a Cloud Service (SaaS) making it fast to provision.
CLOUD SERVICE (SaaS)
Immediately available and used by the financial and insurance industries for a number of years, on various taxonomies issued by the EBA, ESMA and EIOPA amongst others.
Take advantage from a solution which is fully managed by our supplier and is kept fully updated with the latest regulations and rules.