The FSA has issued a consultation paper on new Integrated Regulatory Reporting (IRR) requirements applying to banks, building societies and investment firms (investment managers, securities and futures firms, operators and trustees of collective investment schemes, venture capital firms and corporate finance firms). The new consultation takes into account what will be needed for the Capital Requirements Directive (CRD), the EU’s interpretation of Basel II, and the Markets in Financial Instruments Directive (MiFID).
Responses to the consultation are due in two phases – by the 31st of July for those parts relating to the requirements of the CRD, and by the 31st of August for non-CRD impacted firms and for auditor implications. This paper also includes a "taster" on MiFID reporting requirements. This is not yet for consultation - the full suggested specification will appear in the MiFID Consultative Paper due out in July.
Graeme Ashley-Fenn, FSA Director, Contact, Revenue and Information Management, said: "Regulatory reporting is a key FSA supervisory tool for identifying risk within the FSA's ARROW framework of risk based supervision. The proposals will align reporting for these industry sectors within that operating framework." He added "IRR will make the FSA easier for firms to do business with. Firms will benefit from the reduction of duplication through aligning IRR reporting dates with their financial year-ends. We will continue to engage with the industry during the consultation to ensure we end up with the right reporting requirements for all parties."
The FSA has taken the CRD and MiFID opportunity to review reporting requirements for relevant firms, and to complete its commitment to all firms to review the type and quality of standardised information required and to harmonise reporting formats. The new reporting will be implemented during 2007 and 2008.
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