FSA issues consultation paper on regulatory reporting
The Financial Services Authority (FSA) in the UK has issued consultation paper 06/11, Integrating Regulatory Reporting (IIR), for investment managers, securities and futures firms, operators and trustees of collective investment schemes, venture capital firms and corporate finance firms
The FSA intends to use IIR to monitor and mitigate risk as part of its Advanced Risk Responsive Operating Framework (Arrow). The Authority aims to get rid of unnecessary data still collected by obsolete regulation, which will reduce the overall burden on firms in terms of reporting.
"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 upOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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