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:
This Feedback Statement will be applicable to:
Based on the feedback received to the Call for Input and the positive industry participation in the pilot, our current position is that implementing DRR is a concept that the financial services industry considers worth regulators investigating further.
Following the conclusion of the pilot work in November 2018, the pilot participants will publish a technical paper in Q1 2019. This paper will provide an assessment of the technologies used to develop a DRR prototype during the pilot tests.