Configure and create SIRA and PEF reports
The Bank of Finland collects data from investment funds on a monthly basis on balance sheets and subscriptions and redemptions of investment fund shares. SIRA reports are used to provide that information for the Bank of Finland. More information is available on the BoF website.
The Bank of Finland also collects data in a similar format about private equity funds (PEF report).
SIRA and PEF reporting is based on certain pre-configured values and security, contact and portfolio level information. To start using SIRA/PEF reporting functionality, first configure the fixed values.
Configuring reporting
The fixed values for SIRA and PEF reporting are configured in Tools → Administer → SIRA and PEF reporting.
The only required field is the Management company’s VAT number. The second field, Data provider company’s VAT number, is optional; if it’s not filled, Management company’s VAT number is used instead.
Specifying the portfolio level information
In portfolio level, the only relevant data to be added is the reporter identifier, which can be added in Portfolio window’s SIRA/PEF tab.
Note
Be sure to configure the reporter identifier carefully. It’s used to match the fund securities (configured in a later stage) to the portfolio, therefore, make sure that the identifier is correct and e.g. doesn’t have extra spaces at the beginning or the end.
Accounts reporting logic
By default, the logic for reporting portfolio’s accounts in the report is:
All accounts which do not have the setting “Exclude balance from portfolio total“ set are reported
Additionally, if the report is a PEF report, only accounts with balance are reported
Additionally, the following logic is used to determine the Instrument classification code used in the reporting:
Cash account | Non-cash account | |
Positive balance | 221 | 72 |
Negative balance | 4 (SIRA reports) or 4712 (PEF reports) | 76 |
This logic can be overridden with account tags. By setting applicable SIRA/PEF tags in portfolio’s accounts, you can define which instrument classification code is used to report the account (or if the account should be excluded from the report).
In addition, if an account is reported as 4 or 225, a security can be linked as the base instrument of the account to use that instrument’s issue and maturity dates when reporting that account in the SIRA report.
Specifying the security level information for the fund securities
For fund securities (i.e. the share classes of the fund for which the report is generated) the information is specified in SIRA/PEF tab in the Security window. There are three settings to be configured: Reporter identifier, Instrument classification code and whether to aggregate all holdings of the share class..
SIRA reporter identifier should match the one specified in the portfolio. The same warning applies here: be sure that the identifier matches exactly to that configured in the portfolio.
Instrument classification code determines the instrument classification used when reporting the liabilities from outstanding units.
If Aggregate holdings on this share class is selected, all the outstanding units of the share class are reported on a single row without counterparty information.
Specifying the security level information for fund holdings
For securities that the fund owns, additional information can be specified in the SIRA/PEF tab of the Security window. These settings are only available for Option, FX contract and Real estate type securities (security type codes O (Listed options), H (Non-listed and complex listed options), RE (Real estate) and FXCONTRACT (FX Contract))
Underlying asset type is used to report SBS record field 47 (Underlying asset of derivative).
Underlying asset identifier type is used to report SBS record field 48 (Type of underlying asset’s identifier)
Risk-weighted value in EUR is used to report SBS record field 57 (Derivative’s risk-weighted value). This setting is only used if the classification code is 342 (i.e. if that code is used in the Instrument classification code field or security’s type is H or FXCONTRACT). If the field 57 is filled, field 58 (Currency of derivative's riskweighted value) will get a fixed value of EUR.
Derivative delta is used to report SBS record field 59 (Derivative's delta).
Instrument classification code can be used to override the default classification code (341 for security type O, 342 for security types H and FXCONTRACT) for the given security. For real estate investments BoF requires usage of code 8.
Override record type (only for SIRA) can be used to override the default record type (SBS) for the given security. This is used with real estate investments where the type ITEM needs to be used on SIRA reports.
Collateralized positions
SIRA reports have the possibility to report positions as collateralized (with code “C” in the field 7 of SBS records). In FA, positions can be marked as collateralized by setting the tag “SIRA-Collateral” for the security.
If a security is marked as collateral, its security and ISIN codes are modified to remove the suffix “-COLLATERAL” when the position is reported in the report. It’s not necessary to use that suffix on the collateralized securities; if there’s no “-COLLATERAL” suffix, the codes are not modified when reporting.
Note
For example: If half of your position in NOKIA is collateralized, you can create a new security with security code NOKIA-COLLATERAL and tag SIRA-Collateral, and change half of the position to use that security. Then, in SIRA report you would have two SBS records with similar information but other would be marked as collateralized.
Specifying the contact level information
Contact level information (for both unit holders of the fund and counter parties) can be specified in the SIRA/PEF tab of the Contact window.
Contact ID type logic
By default, if the field ID type is not specified in the SIRA/PEF tab, contacts' (e.g. counterparties') ID type is deduced from the format of the ID:
If the ID seems to be a LEI code → type = L
If the ID seems to be a Finnish business ID → type = Y
Otherwise → type = O
Generating the report
The report is generated against fund portfolios. In Portfolios view, select the funds you want to report and click Authority reporting > SIRA... or Authority reporting > PEF....
There are certain parameters to be filled before the report can be generated.
The date selection is self-explanatory: it’s used as the end date of the reporting period.
Include payment information determines if the payment information should be reported in the IF record of the report. The payment information consists of fields 23, 24 and 25 of the report.
Field 23 (Dividend income and income from fund shares) reports transactions of type DIV in the fund portfolio during the previous year
Field 24 (Interest income) reports transactions of type INT in the fund portfolio during the previous year
Field 25 (Profit distribution) reports transactions of type PRO in the fund portfolio during the previous year
Reporting type determines the field 5 (Data type) of the 000 record of the report.
Data provider comments are used in the field 9 (Data provider's comment) of the 000 record of the report.
After filling the required information, clicking Continue will generate the report which can then be downloaded to your computer.