INTEGRATED REGULATORY REPORTING (IRR)

The FSA has reviewed the type and quality of regular, standardised information it requires from firms in order to:

harmonise the many inconsistent reporting formats inherited from pre-N2 regulators

meet the needs for transparency by effective data communication in the Capital Requirement Directive (CRD) and the Markets in Financial Instruments Directive (MiFID).

Thus, in 2008, all investment firms, once they fully implement the CRD, will have to submit a set of standardised forms called ‘data items’ that will replace the existing financial return formats. Firms will also be required to submit these data items electronically as required by Mandatory Electronic Reporting (MER) from 1st July 2008.