Integrated Regulatory Reporting
Integrated Regulatory Reporting is the approach to regulatory reporting which was introduced following the FSA's 2003/2004 Plan and Budget commitment to harmonise the existing (pre-N2) multiplicity of inconsistent reporting requirements.
Latest updates and additions
16 July: Information Pack for GABRIEL Phase 1 & 2 firms
We have published an information pack to help Phase 1 and 2 firms get ready for the launch of GABRIEL. Details have been emailed to relevant firms this week. A tailored information pack for Phase 3 firms will be available in August 2008.
9th June: Update to the Data Reference Guide
We have updated the Data Reference Guide (DRG) with a number of technical changes and corrections. These are mainly to relax data integrity rules which have been found to not apply to all firms. See the DRG change log [PDF] for full details of the update. The DRG is aimed at IT professionals at firms and software vendors interested in direct XML submission - it specifies the format of the XML data. The specifications in the DRG are still subject to change.
8 May: GABRIEL go-live update
Due to the complexities of developing the FSA's new strategic reporting system GABRIEL (GAthering Better Regulatory Information ELectronically) we will be deferring the implementation of GABRIEL by 8 weeks for Phase 1 firms to 26 August 2008.
However, we will be writing to certain Phase 1 firms (inter alia, banks, building societies or BIPRU 730k firms) shortly asking them to submit the new regulatory data via a contingency solution from 1 July 2008.
GABRIEL email to firms May 2008 [PDF]
Go-live for Phase 2 and 3 firms remain unchanged for 1 September and 1 October 2008 respectively.
Between 1 July and 25 August 2008, all firms currently submitting data via the Early Reporting System (ERS) should continue to do so.
18 April: Training
We have recently announced a series of regulatory reporting training dates for firms subject to the Capital Requirements Directive (CRD) and for non-CRD firms. During these events, we will brief you on the new reporting requirements and provide an overview of the new electronic reporting system (GABRIEL).
9 April:
We recently removed the annual financial return and annual reconciliation requirement from our Supervision (SUP 16) sourcebook. This applies to investment management firms, securities and futures firms and UCITS management firms that are non-BIPRU Investment firms.
Further information [PDF]
Previous updates
Technical Pack Update - April
We have published an update to the Technical Pack for the FSA's strategic reporting system, GABRIEL. The Technical Pack is a collection of documents and XML files which explain how to build a connection to the GABRIEL direct submission gateway and how to format an XML instance containing regulatory data for both direct submission and web upload. It is aimed at IT professionals with a knowledge of XML at firms and Independent Software Vendors. This update will enable firms to see the xpath location of schema or other validation rule errors returned by the gateway. Details can be found in the Technical Pack Change Log.
GABRIEL (GAthering Better Regulatory Information ELectronically) - 30 January
The FSA's strategic reporting system that will allow firms to submit data under Mandatory Electronic Reporting has been named GABRIEL (GAthering Better Regulatory Information ELectronically). Previously it had been referred to simply as "the MER system". The new name is designed to avoid confusion with the term "MER" which refers both to the wider policy obligation on firms to replace paper based reporting with electronic reporting and the FSA's project to make the necessary business, systems and process changes. The IRR web pages have been updated to reflect the new name, GABRIEL. As and when other IRR documentation needs to change, it will similarly be updated with the new name.
Integrated Regulatory Reporting Programme
The Integrated Regulatory Reporting Programme aims to:
improve our effectiveness in meeting our statutory objectives
- align reporting to the type of business a firm undertakes;
- improve support of regulatory processes – in particular our risk-based approach to supervising firms;
- dynamic reporting in face of an ever-changing market place;
leverage technology – mandatory electronic reporting
- timely, accurate and faster analysis to aid decision making;
- reducing costs and meeting the challenges of extended scope;
make it easier for firms to do business with the FSA
- align reporting to use more of the data firms use for their own purposes; and
- eliminate redundant data and minimise ad hoc requests.
For further details please refer to CP198.