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.
Keywords: Europe, Finland, Securities, Internalized Settlement, Reporting, Data Collection, CRD IV, MiFID II, Technical Guide, FIN-FSA
Previous ArticleECB Decision on Recognizing Reporting Member States Under AnaCredit
PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.
IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.
MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.
BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.
FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.
PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.
EBA published an opinion following the notification by the French macro-prudential authority, the Haut Conseil de Stabilité Financière (HCSF), of its intention to extend a measure introduced in 2018 on the use of Article 458(9) of the Capital Requirements Regulation (CRR).
As part of a Research Bulletin on the recent policy-relevant work, ECB published an article that examines the lessons learned from past crises for nonperforming loan resolution in the post COVID-19 period.
RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.
ECB updated the guidance notes for reporting related to the statistics on holdings of securities by reporting banking groups (SHSG).