• Doing business with the FSA
  • Being regulated
    • Reporting requirements
      • Integrated Regulatory Reporting
        • Mandatory Electronic Reporting
          • Reporting updates
            • Why the change
            • Impact on firms
            • Issues arising
            • Amendments to rules
            • Summary of changes

We issued Policy Statement 06/10 in October 2006. It contained the revised reporting rules for 2007. In December 2006 we published the new reporting rules for 2008 and 2009 in legal instrument 2006/67; paragraphs 3.16 to 3.19 and 5.1 to 5.15 of Handbook Notice 61 that accompanied it were also relevant.

In January 2007 we also published Policy Statement 07/1 (with legal instrument 2007/10) giving our feedback to Parts II and III of CP06/11, together with the reporting requirments for the firms affected by it. In general, these reporting requirments did not impact firms until 2008 (in the case of what are known as 'Exempt CAD Firms') or January 2009 for other fims.

In June 2007 we changed the start dates of the reporting requirements detailed in the above legal instruments deferring some and bringing forward others. We made these rule changes by amending legal instrument 2007/37; and they were covered in Handbook Notice 67 (paragraphs 2.19 to 2.33 and 3.27 to 3.32) published 29 June 2007.

Also, in July 2007, legal instrument 2007/45 set out some amendments to data items. We also issued CP07/17 (Integrated Regulatory Reporting (IRR): Changes to reporting requirements affecting most firms) which proposed some changes to the Complaints return and the Retail Mediation Activities Return (RMAR) and set out proposals for four new data items.

Deferring the start date

We have deferred the start date for all the new data items covered by legal instrument 2006/67 which were scheduled to start from 1 January 2008. They will now start from 30 June 2008 with the exception of data items:

• FSA003 – Capital adequacy;
• FSA004 – Credit risk; and
• FSA011 – Mismatch liquidity (building societies only).

Firms affected include banks, building societies and investment firms subject to the Capital Requirements Directive (CRD). This means such firms will continue to submit their 'old' returns for the first half of 2008 but will no longer need to submit FSA009 (Key Data) as it is replaced by FSA003.

Bringing forward the start date

We have brought forward the start date for all the new data items covered by legal instrument 2006/67, which were scheduled to start from 1 January 2009. They will now start from 31 August 2008. Firms affected are generally the same as those we refer to above, but also cover electronic money institutions and small e-money issuers.

We have also brought forward the start date for all the new data items covered by legal instrument 2007/10, which were scheduled to start from 1 January 2009. They will now start from 31 August 2008. This will affect:

• Investment firms that are not subject to the CRD or Markets in Financial Instruments Directive (MiFID). Their new reporting will start from 31 August 2008 and they can stop submitting their 'old' reporting then.
• Firms referred to as 'Exempt CAD Firms' (ECFs) will start their full new reporting from 31 August 2008. This means they will not be required to submit FSA043 (Key Data) from January 2008 - they will continue to submit their 'old' returns until the new reporting starts.
• Operators of personal pension schemes (including self invested personal pensions) that came within our scope of regulation for the first time from 6 April 2007 will start their new reporting from 31 August 2008. This means the transitional arrangement requiring them to only submit annual accounts will continue until then.

Personal Investment Firms (PIFs) not impacted by CRD or MiFID and firms that carry on exclusively mortgage and/or general insurance mediation activities are not affected by these changes. They will continue submitting the full Retail Mediation Activities Return (RMAR).

Back to top