The European Banking Authority (EBA) reporting regime under CRD IV comes into effect on 1st January 2014. National Supervisory Authorities (NSAs) are mandated to submit COREP and FINREP data to the EBA in XBRL format, starting in 2014. In most cases the NSAs are, similarly, expecting XBRL filing from regulated firms. Interim reporting in XBRL is also starting for EIOPA, the European insurance industry regulator. The new, XBRL, reporting formats go hand in hand with a dramatic increase in the amount

of data being reported by financial institutions.

Organisations affected by the new CRD IV and Solvency II

regulations have both to expand the scope of their data reporting and introduce a new technology, XBRL, as part of the filing process. Detailed filing requirements are set out in complex taxonomies which are still being revised by the authorities, adding uncertainty

to the technical implementation by regulated firms. The dependencies created by expanded filing, the introduction of XBRL, and the continued development of the XBRL technical filing requirements, make compliance with the new regime a tough challenge.