GABRIEL to accept COREP and FINREP submissions from today

As from today, FCA’s reporting system GABRIEL is ready to receive COREP and FINREP submissions.

If your firm falls into the scope of CRD IV, COREP modules COR001 Own Funds & Leverage and COR002 Large Exposures should already appear in your online reporting schedule, for the period from 1 January to 31 March 2014. COR003 NSFR and COR004 LCR will appear for the period ending 31 March and FINREP modules will be available for periods ending after 1 July 2014.

As from today, all online reporting schedules should have been updated and the FCA advises all affected firms to check if their schedule is correct, and contact GABRIELQueries@fca.org.uk in case of errors and discrepancies.

There are still a number of validation issues with the current Taxonomy. In result, the FCA and PRA have decided to downgrade the validations to ‘warnings’ to avoid any unnecessary submission rejections. Validation failures will still be captured, but a failed validation rule will not cause a file to be rejected by the system. However, the FCA warns all companies that it is their responsibility to report accurate data as per the CRD IV ITS.

Source: FCA, (2014), available at: http://www.fca.org.uk/static/documents/march-go-live-crd-iv.pdf (accessed on 01/04/14)