FCA to Move Firms to RegData, the New Data Collection Platform
FCA announced that the new data collection platform RegData will replace Gabriel. FCA is preparing to gradually move firms to this new data collection platform. FCA outlined the required actions for firms before they are moved to RegData. The moving dates of firms moving dates will be determined by the nature of their reporting obligations and reporting schedules. PRA firms are not expected to migrate to the new system for submission of returns until 2021.
Firms will not be able to access RegData until their and their users’ data have been moved from Gabriel. The principal user and associated users of firms should receive an e-mail three weeks before the moving date. Compliance consultants will receive reminders for every firm their user account is associated with in Gabriel. In advance of the moving date, FCA has requested firms to check that they have:
- Up-to-date contact details in Gabriel
- Nominated the correct principal user and assigned administrator rights correctly in Gabriel
- Accurate information in Gabriel about all other active users—with any non-active users having been disabled
Firms should continue to use Gabriel, using their existing Gabriel login details, until their firm has been moved to the new platform. Users that have not registered yet will still be able to do so when they next log in to Gabriel. There will be no change to the way firms provide data to FCA. Based on the feedback from Gabriel users, FCA has made a number of improvements. RegData will be faster and more accessible, the system will be able to send notifications for multiple users, and the reporting schedules will be more user friendly. RegData saves a the user progress in data items automatically every 2 minutes and includes useful help text throughout the platform. The data times to be submitted by firms will not change in the new platform and the data reference guides that have been published for Gabriel will remain the same for RegData.
Related Links
Keywords: Europe, UK, Banking, Securities, Insurance, Gabriel, RegData, Reporting, Statistical Reporting, Data Collection Program, FCA, PRA
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.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Related Articles
PRA and FPC Finalize Changes to Leverage Ratio Framework in UK
The Prudential Regulation Authority (PRA) published the final policy statement PS21/21 on the leverage ratio framework in the UK. PS21/21, which sets out the final policy of both the Financial Policy Committee (FPC) and PRA
CFPB Proposes Rule on Small Business Lending Data Collection
The Consumer Financial Protection Bureau (CFPB) proposed to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) under Section 1071 of the Dodd-Frank Act.
PRA Decides to Maintain O-SII Buffers for Another Year
The Prudential Regulation Authority (PRA) decided to maintain, at the 2019 levels, the buffer rates for the Other Systemically Important Institutions (O-SII) for another year, with no new rates to be set until December 2023.
FSB Report Assesses Implementation of Recommendations on Stablecoins
The Financial Stability Board (FSB) published a progress report on implementation of its high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements.
APRA Updates Loan Serviceability Expectations for Home Lending
In a letter to the authorized deposit taking institutions, the Australian Prudential Regulation Authority (APRA) announced an increase in the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.
CPMI and IOSCO Consult on Guidance on Stablecoin Arrangements
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are consulting on the preliminary guidance that clarifies that stablecoin arrangements should observe international standards for payment, clearing, and settlement systems.
EBA and EIOPA Set Out Work Priorities for 2022
The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have set out their respective work priorities for 2022.
MFSA Issues Reporting Updates and Guidance for Banks
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0, in addition to the reporting module on leverage under the common reporting (COREP) framework.
EC Publishes Decision on List of Equivalent Third Countries Under CRR
The European Commission (EC) published the Implementing Decision 2021/1753 on the equivalence of supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (575/2013).
EC Rule on Contractual Recognition of Write-Down and Conversion Powers
EC published the Implementing Regulation 2021/1751, which lays down implementing technical standards on uniform formats and templates for notification of determination of the impracticability of including contractual recognition of write-down and conversion powers.
