Regulatory Alerts2013-01-01 | FIN-FSA Regulations and guidelines 26/2013Guidelines on Common European Reporting (COREP) Data Accuracy and Verification
The Financial Supervisory Authority (FIN-FSA) mandates that supervised entities prepare and sign a declaration confirming the accuracy of their COREP data submissions. This requirement ensures that reporting processes are verified by personnel distinct from those preparing the reports, with specific details on data sources and storage methods. Continued submission of incorrect data triggers requests for clarification and action plans, with potential administrative sanctions for non-compliance.
Regulations and guidelines 26/2013 (pdf)
Common European Reporting (COREP)
Valid from 26 June 2021 until further notice
Date of change 5 June 2025
Reporting map (Financial sector) pdf
Table of reporting scope (Capital Market) pdf
Guidelines on supervisory reporting and disclosure requirements in compliance with CRR “quick fix” in response to the COVID‐19 pandemic (EBA/GL/2020/11)
Common European Reporting (COREP)
Description of machine-language data transmission of XBRL format reports of Financial Supervisory Authority’s new reporting system has been published and updated.
Link to the description of machine-language data transmission of EBA and EIOPA reports
European Union regulation
The latest consolidated version in Finnish, Swedish and English as well as in other official EU languages (1 March 2018)
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EBA reporting webpages
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Useful additional information
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EBA Supervisory reporting
Määräykset ja ohjeet 26/2013 Yhteiseurooppalainen raportointi (COREP) (Versio 8) (pdf)
More information
Supervised entities are required to prepare a declaration on the accuracy of reported data. The purpose of the procedure is to ensure that the data submitted by the supervised entity to the Financial Supervision Authority (FIN-FSA) is checked and accurate. The declaration must be dated and signed by both the person preparing the report and the person verifying the data. The signed declaration form must be kept by the supervised entity and presented to the FIN-FSA on request. An electronic declaration form will be introduced later.
The person preparing the report and the person verifying the data must not be one and the same person. If several persons participate in the reporting, the responsible coordinator of the reporting may be appointed to verify the data, even if responsibility for verifying individual data has been allocated to another person. The declaration must be updated each time changes occur in the process it describes.
Verification of reported data (word)
The supervised entity may also prepare a free-form declaration which must contain the following elements:
reference to the report and FIN-FSA reporting standard that the declaration concerns
description of the supervised entity's reporting process, indicating the sources from which the reported data is collected
how reported data is verified
who provides additional information on the reported data
who verifies the data
contact details for the person providing additional information and the person verifying data (email addresses and telephone numbers)
where and how the data that has been used as a basis for the report is stored.
Reporting of incorrect data
Continued reporting of incorrect data to the FIN-FSA will lead to a written request for clarification to the supervised entity. In its reply the supervised entity must present an action plan on how it will remedy the erroneous reporting. Failure to comply with reporting standards may lead to administrative or other sanctions.
More information on administrative sanctions