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.
- FCA Notification on Transforming Data Collection
- Statistical Notice on Corrective Release
- Taxonomy Release Note, Version 1.2.2 (PDF)
- Statistical Notice 2022/03
- Form SMMA
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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The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.