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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, from 1st August 2008, all investment firms have to submit a set of standardised forms called ‘data items’ that replace the previous financial return formats. Firms are also required to submit these data items electronically as required by Mandatory Electronic Reporting (MER).