Featured Product

    FCA Publishes Feedback on Smarter Digital Regulatory Reporting

    October 17, 2018

    FCA published the feedback statement FS18/2 on digital regulatory reporting. The statement follows the FCA request for input in February 2018 on how technology could achieve smarter regulatory reporting. In its call for input, FCA invited views on a "proof of concept" that could potentially make it easier for firms to meet their regulatory reporting requirements. The "proof of concept" outlined in the call for input was developed at the November 2017 TechSprint by FCA.

    In the feedback statement, FCA summarized the feedback received from the Call for Input, set out the response received to the feedback, and explained the next steps. The feedback statement will be applicable to regulated firms, regtech (technology that helps meet regulatory requirements) firms, fintech (technology that helps deliver financial services) firms, technology and software providers, professional services providers, academics with interests in technology and financial regulation, and financial services regulators. Based on the feedback received to the Call for Input and the positive industry participation in the pilot, FCA's current position is that implementing digital regulatory reporting is a concept that the financial services industry considers worth investigating further by regulators. FCA is encouraged by the positive responses but acknowledged that it is still at a preliminary stage in its investigative work. 

    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. FCA received 58 responses from a wide range of organizations including regulated firms, trade associations, technology providers, law firms, and consultancies. Some respondents provided technical comments on the "proof of concept" while others focused on other questions raised in the call for input. The most commonly cited benefit of digital regulatory reporting was an increase in efficiency through reductions in time and cost. Digital regulatory reporting could also increase the consistency of the information that is provided. Some firms expressed concern that the significant costs associated with implementing digital regulatory reporting may not outweigh the benefits. In addition, concerns were raised about possible liabilities associated with digital regulatory reporting, particularly with regard to the role of third parties providing technology solutions. Following the conclusion of the pilot work in November 2018, the pilot participants will publish a technical paper in the first quarter of 2019. This paper will provide an assessment of the technologies used to develop a digital regulatory reporting prototype during the pilot tests.

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, PMI, Fintech, Regtech, Reporting, Digital Regulatory Reporting, Responses to Consultation, FCA

    Featured Experts
    Related Articles
    News

    UK Regulators Announce Measures to Address Impact of COVID-19

    UK Regulatory Authorities published statements and guidance addressed to financial entities on dealing with the impact of the coronavirus (COVID-19) outbreak.

    March 26, 2020 WebPage Regulatory News
    News

    ISDA and Industry Request Delay in Timeline for Initial Margin Rules

    Considering the challenges posed by the COVID-19 pandemic, ISDA submitted a letter on behalf of 21 industry associations and their members requesting BCBS, IOSCO, and global regulators to suspend the current timeline for the initial margin phase-in.

    March 26, 2020 WebPage Regulatory News
    News

    FCA, FRC, and PRA Issue Joint Statement to Address Impact of COVID-19

    In response to the COVID-19 outbreak, FCA, the Financial Reporting Council (FRC), and PRA have announced a series of actions and made statements to support the continued functioning of capital markets in the UK.

    March 26, 2020 WebPage Regulatory News
    News

    EC Rule Corrects Regulation Supplementing Solvency II Directive

    EC published the EU Delegated Regulation 2020/442, which corrects the EU Delegated Regulation 2015/35 that supplements Solvency II Directive (2009/138/EC).

    March 26, 2020 WebPage Regulatory News
    News

    FED and FFIEC Offer Reporting Relief to Institutions Due to COVID-19

    FED and FFIEC announced regulatory reporting relief to financial institutions due to disruptions caused by the COVID-19.

    March 26, 2020 WebPage Regulatory News
    News

    EBA and ESMA Clarify Accounting Implications of COVID-19 Measures

    EBA and ESMA issued statements to address certain accounting implications of the economic support and relief measures adopted by EU member states in response to the COVID-19 crisis.

    March 25, 2020 WebPage Regulatory News
    News

    IOSCO and Securities Regulators Coordinate Responses to COVID-19

    IOSCO members are cooperating closely on their responses to the COVID-19-related disruption in capital markets.

    March 25, 2020 WebPage Regulatory News
    News

    US Agencies Issue Interim MMLF Rule, FED Updates FR Y-14 Forms

    In an effort to mitigate the impact of economic disruptions due to the COVID-19 outbreak, Money Market Mutual Fund Liquidity Facility (MMLF) was launched in the US to enhance the liquidity and functioning of money markets and to support the economy.

    March 25, 2020 WebPage Regulatory News
    News

    ESRB Updates List of Countercyclical Capital Buffers in March 2020

    ESRB updated the list of countercyclical capital buffer (CCyB) rates applicable in countries in the Eurosystem.

    March 24, 2020 WebPage Regulatory News
    News

    FHFA Amends Stress Testing Rule for Regulated Entities

    FHFA adopted a final rule that amends the stress testing rule, in line with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.

    March 24, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4890