FIN-FSA Issues Guidance on Reporting of Settlement Internalization
FIN-FSA has made some specifications to the description of electronic reporting on the internalized settlement. FIN-FSA will begin to collect detailed data on internalized settlement from the reporting entities on October 01, 2019, with data for the reference period in the third quarter of 2019. Under point (11) of Article 2(1) of Regulation (EU) No 909/2014, settlement internalizer means any institution, including one authorized in accordance with Capital Requirements Directive (CRD) IV or with Markets in Financial Instruments Directive (MiFID) II, which executes transfer orders on behalf of clients or on its own account other than through a securities settlement system.
FIN-FSA will test the data collection in the period August 26-30, 2019. The purpose of the test is to ensure that reporting entities are duly prepared for the submission of data on internalized settlement to FIN-FSA. Important considerations before the testing include the following:
- Reporting entities need collect reference period data by themselves, without the data collection system
- The structure and content of the report must follow the published schema
- The data may be genuine or artificial data
- The data, created according to the data descriptions, is submitted to FIN-FSA as a compressed (.zip) and encrypted email file, according to a normal reporting process
- The FIN-FSA intends to incorporate the existing validation rules to the test before the commencement of the test.
- Reporting agents may also test the submission of data after the test period, but only before October 01, 2019, i.e. the submission of production data for the reference period third quarter of 2019.
Related Links
Keywords: Europe, Finland, Securities, Internalized Settlement, Reporting, Data Collection, CRD IV, MiFID II, Technical Guide, FIN-FSA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
CBIRC Releases Regulatory Banking Indicators for Q2 2018Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
