Featured Product

    FCA Plans to Move to New Regulatory Reporting Platform

    July 18, 2019

    FCA plans to replace GABRIEL and move to a new platform to improve the way data is collected from firms. FCA is requesting Gabriel users to complete a feedback survey that asks questions about user experience with the Gabriel system and ideas to improve the system. Gabriel, which is the main regulatory data collection system of FCA, facilitates the collection of over 500,000 submissions annually, across 120,000 users and 52,000 firms. FCA plans to publish the feedback to the survey later this year. It will then speak with stakeholders to discuss the feedback themes and plans for the data collection systems.

    The new data collection platform supports the Digital Regulatory Reporting work, which is exploring how technology could make it easier for firms to meet their regulatory reporting requirements and improve the quality of information they provide. FCA wants to implement an easy-to-use system to enable data to be submitted efficiently for the user and through a system and approach that can be adapted to the changing needs. Early changes to the platform will be technology focused and initially no change will be made to the way data is provided to FCA. More significant improvements will be made in the future, having considered the feedback FCA receives from users. This work is central to the Data Strategy that is designed to help FCA deepen understanding of markets and consumers and more swiftly identify, appropriately intervene, and remediate issues to minimize harm. FCA will communicate further on the Data Strategy plans later this year. Along with the feedback survey, FCA will run a program of events and activities to capture the views of users and test the new platform. This will help in shaping the system to work better for users.

    Additionally, FCA and PRA signed a Memorandum of Understanding (MoU) that sets out the high-level framework both the regulators will use to coordinate and cooperate in carrying out their respective responsibilities. Each regulator will make rules and policies in pursuit of its separate objective(s). PRA will work with FCA to ensure that the regulatory reporting processes for dual-regulated firms are efficient. FCA and PRA will also share data on firms that are not dual-regulated, where necessary, to ensure that each regulator has a complete view of the market. FCA and the PRA will consult each other at an early stage in relation to policy deliberations, which are either equally relevant to both regulators’ objectives or might have a material effect on the other’s objectives. The regulators will seek to avoid introducing incompatible requirements. Where any such conflict is a serious prospect and would have a material effect on the achievement of objectives, the issue will be escalated to the CEO of FCA and the Deputy Governor for Prudential Regulation as well as to the Board of FCA and the Prudential Regulation Committee, if necessary.

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Data Collection, Gabriel, Reporting, Data Strategy, FCA

    Featured Experts
    Related Articles
    News

    PRA Revises Branch Return and Updates Guidance for Regulatory Reports

    PRA published the policy statement PS17/19, which contains the final policy related to changes in the format and content of the Branch Return Form and reporting guidance.

    September 12, 2019 WebPage Regulatory News
    News

    FINMA Outlines Treatment of Stablecoins in Supplement to Guide on ICO

    FINMA published a supplement to its initial coin offerings (ICOs) guidelines, outlining the treatment for stablecoins under the Swiss supervisory law.

    September 11, 2019 WebPage Regulatory News
    News

    Ursula von der Leyen Presents Structure of Next European Commission

    President-elect Ursula von der Leyen has presented her team and the new structure of the next European Commission.

    September 10, 2019 WebPage Regulatory News
    News

    FED Proposes to Revise and Extend Reporting Form on Systemic Risk

    FED proposed to extend for three years, with revision, the Banking Organization Systemic Risk Report (FR Y-15; OMB No. 7100-0352).

    September 10, 2019 WebPage Regulatory News
    News

    EBA Issues Revised List of Validation Rules for Reporting

    EBA published the revised list of validation rules (version 2.9) in its implementing technical standards on supervisory reporting.

    September 10, 2019 WebPage Regulatory News
    News

    Bundesbank Publishes Supplementary Validation Rules for Reporting

    Bundesbank published the updated document containing supplementary validation rules in the context of the implementation of the reporting system at national level.

    September 10, 2019 WebPage Regulatory News
    News

    APRA Licenses Xinja Bank as Authorized Deposit-Taking Institution

    APRA granted Xinja Bank Limited a license to operate as an authorized deposit-taking institution without restrictions, under the Banking Act 1959.

    September 09, 2019 WebPage Regulatory News
    News

    FDIC Proposes Revisions to Regulations on Interest Rate Restrictions

    FDIC proposed revisions to its regulations covering interest rate restrictions that apply to less than well-capitalized insured depository institutions.

    September 09, 2019 WebPage Regulatory News
    News

    EBA Intends to Clarify End-Treatment of Grandfathered Instruments

    EBA announced its intention to clarify the prudential treatment applicable to own funds instruments at the end of the grandfathering period, which expires on December 31, 2021.

    September 09, 2019 WebPage Regulatory News
    News

    IMF Releases Reports on 2019 Article IV Consultation with Saudi Arabia

    IMF published its staff report and selected issues report in context of the 2019 Article IV consultation with Saudi Arabia.

    September 09, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3799