Mandatory Electronic Reporting
Mandatory Electronic Reporting is one component of the overall Integrated Regulatory Reporting (IRR) Programme.
The IRR Programme can be broken down into three main initiatives:
- Consulting and reaching agreement with the industry on the 'right' regulatory data that we need to collect for our risk-based approach to supervision;
- Building a Mandatory Electronic Reporting system, known as GABRIEL (GAthering Better Regulatory Information ELectronically) to collect regulatory data from firms efficiently; and
- Building a system to enable supervisors to receive timely reports by legal entity, sector and peer group. Here we explain in more detail what MER is and what its likely impact will be upon firms.
For information on Early Reporting for firms subject to the Capital Requirements Directive (CRD) please go to Reporting updates.
Mandatory Electronic Reporting
Mandatory Electronic Reporting (MER) will deliver a strategic data system, GABRIEL, for the collection, validation and storage of regulatory reporting data. The data collected by GABRIEL will then be used by our supervisors to monitor and analyse both the firm population and market sectors more effectively and efficiently.
Our vision for MER
We will work with third party Systems Integrator partners to deliver:
- An electronic data submission system that is robust and secure.
- A solution that will provide firms with a range of suitable submission methods to facilitate cost effective and efficient reporting of regulatory data.
- A solution that will unify and organise reporting requirements and present these consistently to firms.
- A solution that will be user friendly and intuitive for both ourselves and the firms that we regulate.
- A flexible solution that will enable us to implement future reporting changes without extensive system redesign and associated cost.
- A solution that will improve data quality via well defined data definitions and automated validation.
Who is affected by Mandatory Electronic Reporting?
Mandatory Electronic Reporting will affect the majority of regulated firms that submit data to us. Each set of regulated activity reporting requirements will be integrated into the new reporting system sequentially, along with accompanying rules which will oblige submissions to be electronic.
Credit Unions are not required to submit data relating to Credit Union activities electronically, but the option to do so will be made available. However, if a Credit Union also conducts other regulated activities, it will be required to submit the 'non-Credit Union activities' data electronically.
Retail Mediation and Mortgage Lending and Administration data is already being collected from firms undertaking only those regulated activities, through Phase 1 of Mandatory Electronic Reporting, Firms Online Regulatory Reporting system. Other firms undertaking these activities will begin to submit data through Firms Online during the first half of 2007. Complaints data is also already collected electronically from those firms required to submit that return.
For further information please see the Firms Online pages.
