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02 Jun 2006
Banks, building societies and investment firms will face new integrated regulatory reporting requirements following the issuance of a consultation paper by city watchdog, The Financial Services Authority.
The new regulations will enable the FSA to use regulatory reporting to more effectively monitor and mitigate risks to the FSA's statutory objectives.
The new rules will affect investment managers, securities and futures firms, operators and trustees of collective investment schemes, venture capital firms and corporate finance firms.
Graeme Ashley-Fenn, FSA director for 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.'
He claimed the new rules would make the FSA easier for firms to do business with.
The FSA aims to give firms a minimum of 12 months' notice of changes to the reporting requirements.
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