Submission of regular reporting to Finantsinspektsioon is according to the legal acts regulating the submission of data. The submissions are generally in XBRL or XML format and reports are submitted through the data collection portal.
The data collection portal
The data collection portal is an application managed jointly by Eesti Pank and Finantsinspektsioon for receiving and processing reports electronically.
It is a self-service online environment where users can submit reports, manage related users, contact data and company keys, check the processing status of reports, communicate with the recipient of the report, order notifications by email and more.
When using the data collection portal, please follow the instructions on how to use the main menu, manage users and their contact details and submit reports. The instructions can be accessed through the data collection portal.
In case of technical issues, please contact the information systems administrator of Finantsinspektsioon, Erkko Kõrgema (email email@example.com, telephone +372 668 0549).
Submission of reports
Reports can be submitted to Finantsinspektsioon by:
- manually entering the data in the report in the data collection portal
- importing the data from a file into the data collection portal
- uploading the report file in the data collection portal
- emailing the report to the data collection portal
- rendering the report to the data collection portal, using a web service
Technical conditions for compiling and submitting reports
Reports must be submitted according to the Decree No 4 “Requirements for the electronic submission of reports” of the Governor of Eesti Pank of 29.05.2018.
Reporting messages submitted outside the data collection portal (by email or web service) need to be secured. Information about data security can be found on the Eesti Pank website.
When reports are submitted outside the data collection portal, it is it is necessary to know which domain the report(s) need to be submitted. This information can be found on the Eesti Pank website.
Please note: reports submitted to Finantsinspektsioon must be encrypted (if the method of submission requires it) using the Finantsinspektsioon key.
The content of the report message is defined by an XML schema describing the general structure and the XML schema for the individual report. The XML schemas can be found at https://aruandlus.eestipank.ee/reports/skeemid.xml.
The XML schema describing the report has a version number and a date that indicates when the report or schema was changed.
Additional information on formatting reporting messages can be found on the Eesti Pank website.
XML - Extensible Markup Language, defined by the World Wide Web Consortium.
Submission of reports in XBRL format by credit institutions
The reporting framework of the European Banking Authority (EBA)
Supervisory reports in XBRL format must be submitted according to the current version of the EBA reporting framework published on the EBA website. EBA reporting frameworks include earlier versions and information on when each version was valid and the main changes in the versions.
Additional data quality checks
Before submitting reports to Finantsinspektsioon, investment firms must apply the additional data quality checks published on the European Central bank website in addition to those that are already included in the EBA framework for supervisory reporting (COREP and FINREP). These quality checks are intended to improve the data quality for supervisory reporting according to Article 4 (1) of the Decision 2014/29 of the European Central Bank of 2 July 2014 (amended with the Decision 2017/23 of 3 August 2017).
ESMA reporting by fund managers and funds
Alternative investment fund managers (AIFMs) compile and submit regular information to Finantsinspektsioon in accordance with § 271 of the Investment Funds Act. The reporting requirements for small fund managers and the funds they manage are given in § 454 of the Investment Funds Act.
More detailed requirements are set by Commission Delegated Regulation (EU) No 231/2013. The information is submitted through the Finantsinspektsioon reporting environment filling the reports named AIF and AIFM.
ESMA guidelines “Guidelines and reporting obligations under articles 3 (3) (D) and 24 (1), (2) and (4) of the AIFMD”, which have been approved as a recommended guideline by the Management Board of Finantsinspektsioon’s with the Decision no 1.1-7/127, provides clarifications on the information that fund managers must report to the relevant authorities and the deadlines and procedures that must be complied with under reporting obligations when submitting such reports.
Start of the reporting period depends on the time at which the fund manager received an operating licence as an alternative investment fund manager or registered as a small fund manager. More detailed information can be found in Table 10 in Annex II (page 44) of the ESMA guidelines.