We are publishing our response to the Call for Input on Digital Regulatory Reporting. In this Call for Input we invited views on a ‘proof of concept’ which could potentially make it easier for firms to meet their regulatory reporting requirements.
In February 2018, we published a Call for Input on how technology could achieve smarter regulatory reporting.
The Call for Input sought feedback on technical aspects of this proof of concept and asked for views on how it could be improved. It also sought feedback on some of the broader issues associated with the development and potential implementation of the proof of concept.
In this Feedback Statement, we:
- summarise the feedback we received from the Call for Input
- set out our response to the feedback received
- explain our next steps
Who this applies to
This Feedback Statement will be applicable to:
- regulated firms
- RegTech (technology that helps meet regulatory requirements) firms
- FinTech (technology that helps deliver financial services) firms
- technology and software providers
- professional services providers
- academics with interests in technology and financial regulation
- financial services regulators
We are currently working with the Bank of England and six financial institutions on a pilot to build on the ‘proof of concept’. The pilot participants published a report in March 2019 that provides an overview of the work and findings so far. A second phase of the pilot is currently underway. This stage aims to identify which regulatory reports are appropriate for a DRR solution, whether there is value in investing in DRR, how best to create machine executable regulation and if and how to efficiently standardise firm data.