In response to recommendations in the Future of Finance report, published in June 2019, the Bank committed to ‘launch a review in consultation with banks, insurers and financial market infrastructures to explore a transformation of the hosting and use of regulatory data over the next decade” to “seek ways to decrease the burden on industry and to increase the timeliness and effectiveness of data in supporting supervisory judgements”.
This discussion paper (DP) marks the launch of that review. The Bank intends this paper to be the start of a dialogue with regulated firms and solution vendors to shape the evolution of reporting over a 5-10 year horizon. The paper does not put forward a preferred solution, but rather sets out a framework for assessing the issues and an initial range of potential options. The options it discusses draw on ideas explored in the Future of Finance report and the pilot on digital regulatory reporting (DRR).
Written responses to the discussion paper should be sent by email to DatacollectionDP@bankofengland.co.uk and should reach the Bank by 20 May 2020. This date has been extended from the original date of 7 April 2020.
Invitation to participate in stakeholder engagement
As well as seeking written responses to the questions set out in the discussion paper, the Bank intends to carry out a range of direct stakeholder engagement through the first half of 2020, including bilateral meetings, roundtable events and industry working groups.
Some of these events will be run jointly with the FCA, as we continue to work closely together to ensure that reforms to data collection are aligned.
We are interested in speaking to individuals who are able to represent their organisations’ views and/or contribute relevant expertise in the regulatory reporting, technology and data domains. This includes regulated firms, industry bodies, specialist third-party providers, professional advisors, standards bodies and other regulators.
We invite anyone interested in participating in such engagement to complete our form. The final closing date for nominations is one month prior to the close of the DP, on the 6 March. However, some bilateral meetings and roundtable events will take place prior to that date and so you are encouraged to return the form as soon as possible.
The industry working groups will involve a series of meetings expected to be held in May, June and July of 2020, most likely at the Bank of England. Preparatory work may also be required between working group meetings. Potential participants should consider their ability to commit time and resources to these meetings, and specify on the nomination form whether they want to be considered for the working groups in addition to the other engagement channels.
The Bank of England will determine involvement in the engagement channels with the aim of achieving appropriate balance, diversity and experience of representation. Nomination does not guarantee inclusion.