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    UK Agencies Update on Statistics Taxonomy and Data Collection Project

    January 26, 2022

    The Financial Conduct Authority (FCA) issued an update on the data transformation program, which has been developed jointly with the Bank of England (BoE). The program aims to integrate and modernize reporting as well as define and adopt common data standards while addressing data collection related challenges identified via the FCA work with firms on digital regulatory reporting and the BoE data collection review. FCA is now announcing its intention to broaden the engagement on this program with solo regulated firms in 2022, along with its plans to issue an update on this work in the coming months. Additionally, BoE published Version 1.2.2 of the BoE Statistics taxonomy, along with certain accompanying documents; this version of the taxonomy is a corrective release that addresses feedback received since the publication of Version 1.2.0 of the taxonomy.

    With respect the new version of the BoE Statistics Taxonomy, all entry points remain the same while a change log has been published to outline changes between Version 1.2.0 and Version 1.2.2. The majority of the items addressed were already detailed in the known issues spreadsheet, which has been updated too. The changes primarily relate to validation rules. BoE also announced that the next User Acceptance Testing (UAT) window will open in the week commencing February 28, 2022. Firms that opted to report in the first phase of onboarding will be contacted by the BEEDS team shortly. The box code mapping documents are in the final phase of testing against the corrective release and these will be published in February. In addition, in its Statistical Notice 2022/03, BoE announced the publication of frequently asked questions (FAQ) and a Vimeo link for uploading sterling money market annual data collection (Form SMMA) into the BEEDS portal. Form SMMA is used to collect annual data on a reporting institution’s secured and unsecured sterling money market activity. To successfully submit the return, firms need to ensure that all mandatory templates in the return have been validated. The submission deadline for SMMA return was January 31, 2022.

     

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    Keywords: Europe, UK, Banking, Securities, Data Collection, Reporting, Statistical Reporting, Statistical Notice, Taxonomy, Validation Rules, BEEDS, Regtech, Digital Regulatory Reporting, Data Transformation, FCA, BoE

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