Featured Product

    FCA Seeks Views on Technology to Achieve Better Regulatory Reporting

    February 20, 2018

    FCA announced that it is seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide. The Call for Input will close on June 20, 2018. FCA will publish a feedback statement summarizing the views received and the proposed next steps in Summer 2018.

    FCA regularly explores how technology can make regulations more efficient and reduce the regulatory burden on firms. One of the ways FCA does this is through “TechSprints” that bring together financial services providers, technology companies, and subject-matter experts to develop solutions to regulatory challenges. In November 2017, FCA and BoE had held a two-week TechSprint to examine how technology can make the current system of regulatory reporting more accurate, efficient, and consistent. At the TechSprint, participants successfully developed a “proof of concept,” which could make regulatory reporting requirements machine-readable and executable. The Call for Input outlines how this “proof of concept” was developed and asks for views on how FCA can improve this process. The paper also seeks feedback on certain broader issues around the role technology can play in regulatory reporting. This Call for Input will be of interest to regulated firms, regtech firms, fintech firms, technology and software providers, professional services providers, academics with interests in technology and financial regulation, and financial services regulators.

    This “proof of concept” means that firms could map the reporting requirements directly to the data that they hold, creating the potential for automated, straight-through processing of regulatory returns. This could benefit both firms and regulators. The accuracy of data submissions could be improved and their costs reduced, changes to regulatory requirements could be implemented more quickly, and a reduction in compliance costs could lower barriers to entry and promote competition.

     

    Related Links

    Comment Due Date: June 20, 2018

    Keywords: Europe, UK, Banking, Reporting, Regtech, Fintech, FCA

    Featured Experts
    Related Articles
    News

    MAS Amends Notice 610 on Reporting Templates for Banks in Singapore

    MAS published amendments to Notices 610 and 1003 related to submission of statistics and returns, along with the reporting templates and frequently asked questions (FAQs) associated with these Notices.

    January 24, 2020 WebPage Regulatory News
    News

    HKMA Updates Policy Module on Supervisory Review Process

    HKMA is issuing, by notice in the Gazette, revised versions of two Supervisory Policy Manual modules as statutory guidelines under section 7(3) of the Banking Ordinance. The Supervisory Policy Manual modules are CA-G-5 on “Supervisory Review Process” and SB-2 on “Leveraged Foreign Exchange Trading.”

    January 24, 2020 WebPage Regulatory News
    News

    PRA Amends Pillar 2 Capital Framework for Banks

    PRA published the policy statement PS2/20 that contains the final amendments to the Pillar 2 framework and provides feedback to responses to the consultation paper CP5/19 on updates related to Pillar 2 capital framework.

    January 23, 2020 WebPage Regulatory News
    News

    FED Proposes to Revise Information Collection Under Market Risk Rule

    FED proposed to revise and extend, for three years, FR 4201, which is the information collection under the market risk capital rule.

    January 22, 2020 WebPage Regulatory News
    News

    HKMA Consults on Stay Rules on Financial Contracts Under FIRO

    HKMA published proposals for making rules related to contractual stays on termination rights in financial contracts for authorized institutions under FIRO or the Financial Institutions (Resolution) Ordinance (Cap. 628).

    January 22, 2020 WebPage Regulatory News
    News

    MAS Amends Notices on Minimum Liquid Asset Requirements for Banks

    MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements.

    January 21, 2020 WebPage Regulatory News
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    OSFI to Implement Operational Risk Capital Rules for Banks in Q1 2022

    OSFI decided to move domestic implementation of the revised Basel III operational risk capital requirements from the first quarter of 2021 to the first quarter of 2022.

    January 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    News

    OSFI Consults on Instruction Guide for Termination of Pension Plan

    OSFI is consulting on draft revisions to the instruction guide for termination of a defined benefit pension plan.

    January 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4526