Worryingly the survey also revealed that 39% of firms still don't perceive any urgency when it comes to preparing for the new reporting requirements.
The survey which was conducted with over 300 banks and investment firms across the EU discovered that respondents in France thought they'd take the longest to get ready (all 5 months or longer) whereas Norway, Ireland and Spain topped the charts with their lack of emphasis on the urgency of preparations for the new regulatory reporting requirement.
Institutions are required to comply with the new CRR requirements starting from 1st January 2014. The first quarterly COREP reporting will be for the period ending 31st March 2014 with the actual filing being due to the NSA in June. The ITS relating to financial information (FINREP) will apply as of 30th September 2014 in order to provide a sufficiently long implementation period.
The full survey report is available at http://www.arkksolutions.com/
About Arkk Solutions
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