The requirements regarding the reporting of information by investment firms under Article 54(1) of Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 are now in force.

The same regulation establishes prudential requirements for authorised investment intermediaries.

Pursuant to Article 54(1), para. 1 of Regulation (EU) 2019/2033, investment firms shall report to the competent authorities on a quarterly basis information on the amount and composition of own funds, capital requirements, the amount of business in relation to the conditions referred to in Article 12(1) of that Regulation.

Reports shall be submitted through a dedicated electronic system of the Financial Supervision Commission, in the format specified by the European Banking Authority for receipt (XBRL format) and in accordance with the requirements of the technical standard.

The first mandatory reporting in this format shall be due by 13 February 2023.

The conversion of the reports shall be performed with a certified tool such as AMANA XBRL Portal.

AMANA XBRL Portal is a web-based solution for creating, managing, visualizing and submitting reports in XBRL format.

With the XBRL Portal of the German company AMANA Consulting, one can easily create all kinds of reports in XBRL format, including FINREP, COREP (LE, NSFR, LCR, ALM, AE), Standard Resolution Board/Fund, Solvency II QRT's, etc.

The built-in AMANA XBRL Engine can use any taxonomy directly in the software and complies with all XBRL standards. Updating of taxonomies is done automatically. Data entry can be done via an Excel-like web editor or by importing locally populated templates into Excel.

The report produced can be validated, which saves valuable time and allows the process to be completed quickly and prevents possible misreporting.

Only a short initial training is required to use the AMANA XBRL Portal. Using the tool is easy and intuitive, and requires no additional installation.

As an official partner of the German software company AMANA Consulting, Balkan Services offers training and assistance with AMANA XBRL Portal.

For more information about the solution, contact us from here >