FCA Solicits Industry Input on Machine-Executable Regulatory Reporting

The U.K. Financial Conduct Authority (FCA) has been exploring ways to streamline and automate regulatory reporting – one of the critical compliance challenges facing private fund managers. Last November, in a so-called “TechSprint,” the FCA and the Bank of England worked with various financial services and technology firms to develop and successfully implement a machine-executable reporting rule. This project is detailed in a recent report, which also seeks input from market participants and other interested parties on how to proceed with this potentially revolutionary approach to reporting. The report should be of interest to FCA-regulated firms; financial services regulators; regulatory and financial technology companies; and professional services, technology and software providers. This article summarizes the key takeaways from the report. For more on FCA reporting requirements, see FCA Amends Its Position on Annex IV Reporting: U.K. and Non-EEA Managers, Including U.S. Managers, Must Now Report Holdings at Master Fund Level” (Apr. 13, 2017); and “U.S. Managers Marketing to U.K. Investors Could Face Ballooning Reporting Burdens Under Proposed Rule” (Jul. 28, 2016).

To read the full article

Continue reading your article with a HFLR subscription.