UK supervisor rejects concerns over reg reporting burden

FCA official says data from new requirements doesn’t go into “black hole” but supports risk monitoring

FCA mulls legal powers for USD Libor holdouts

A UK Financial Conduct Authority (FCA) official has pushed back on industry complaints about new regulatory reporting requirements, insisting the data isn’t going into a “black hole” and can help it better fulfil its role, including tackling systemic risk.

Market participants will soon need to fill out up to 203 data fields for monitoring systemic risk, resulting from the update to European Market Infrastructure Regulation derivatives transaction reporting rules, known as Emir Refit.

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