COREP Delayed: Now 50 working days until first submission

So at the last gasp, but not unsurprising given the lack of ITS in the EU Official Journal, the European Commission has today adopted the ITS which finalises the European Common Reporting requirements. 

There is therefore now a postponement of the remittance dates for the as-at end March European Common Reporting dates. 

Firms will now have till the end of June (it being expected that the legislation will be in the Official Journal by mid-June) to prepare and submit data for each of the March, April and May LC reports (individual and consolidated) and, by the same deadline, the individual and consolidated quarterly reports as at end March for COREP, LE, SF and LR. 

For larger firms, the Asset Encumbrance (AE) as-at date proposed for June 2014 has been postponed, and all reporting for AE will be from December 2014 with remittance in February 2015. 

Firms should make good use of the extended period to inspect and improve the quality of reporting data and to consider how reporting will be needed in Business As Usual environment.