🚨 Last month, the Financial Conduct Authority launched a Discussion Paper exploring how to improve the UK transaction reporting regime, which receives over 7 billion transaction reports annually, covering 20+ million financial instruments. 🛠️ One of the paper’s concerns is how technology could be used to improve data quality, reduce compliance burdens for firms and drive innovation in transaction reporting. 💻We welcome the paper’s consideration of technologies such as Digital Regulatory Reporting (DRR) and the Common Domain Model, that make regulatory reporting more efficient and effective through standardisation. 📝 The FCA is inviting feedback to the Discussion Paper until the 14th February 2025. Read the paper in full here: https://lnkd.in/euHk98UW #FCA #TransactionReporting #DigitalRegulatoryReporting #DRR #ISDA #CDM #FINOS #OpenSource #Rune #EMIR #EMIRRefit #Compliance #Innovation #MAS #ASIC #CFTC #CFTCRewrite #Derivative #RegTech #Regulation #RegulatoryReporting #Reporting #Rosetta #SFTR #JFSA
We have published a Discussion Paper (DP24/2) to improve our transaction reporting regime. You have until 14 February 2025 to provide your feedback on: ➖ the scope of firms and financial instruments captured by requirements ➖ the content of transaction reports ➖ identifiers for OTC derivatives ➖ instrument reference data ➖ the benefit of simplification against cost of change ➖ harmonisation with other reporting rules