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

    HKMA Enhances Loan Guarantee Scheme to Alleviate Pressure on SMEs

    HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.

    February 24, 2021 WebPage Regulatory News
    News

    BoE Sets Out Plan to Transform Data Collection from Financial Sector

    BoE has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.

    February 23, 2021 WebPage Regulatory News
    News

    BIS Issues Updates on Technology Initiatives on Cross-Border Payments

    BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.

    February 23, 2021 WebPage Regulatory News
    News

    ESRB Updates List of Macro-Prudential Measures in February 2021

    ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.

    February 22, 2021 WebPage Regulatory News
    News

    BoE Survey Shows Positive COVID Impact on Outsourced Banking Services

    BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.

    February 22, 2021 WebPage Regulatory News
    News

    ECB Issues Opinion on Proposal to Regulate Crypto-Asset Markets in EU

    In response to a request from the European Council and Parliament, ECB published an opinion on the proposed regulation on markets in crypto-assets.

    February 22, 2021 WebPage Regulatory News
    News

    APRA Announces Aggregate Committed Liquidity Facility for Banks

    APRA announced the updated aggregate amounts for the 2021 Committed Liquidity Facility (CLF) established between the Reserve Bank of Australia (RBA) and certain locally incorporated authorized deposit-taking institutions that are subject to the Liquidity Coverage Ratio (LCR).

    February 19, 2021 WebPage Regulatory News
    News

    ECB and UK Authorities Agree on Post-Brexit Supervisory Cooperation

    ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.

    February 19, 2021 WebPage Regulatory News
    News

    EIOPA Outlines Strategic Supervisory Priorities for Insurance Sector

    EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.

    February 19, 2021 WebPage Regulatory News
    News

    US Agencies to Revise FFIEC 031, FFIEC 041, and FFIEC 051 Reports

    After considering comments received on the November 2020 proposal, US Agencies (FDIC, FED and OCC) are proceeding with the proposed revisions to the reporting forms and instructions for Call Reports FFIEC 031, FFIEC 041, and FFIEC 051.

    February 19, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6618