The FCA has published a ‘Dear Head of Compliance’ letter in which it notes that under the recently implemented Capital Requirements Regulation (CRR) firms are responsible for providing regulatory data using the harmonised European reporting standards known as COREP and FINREP.

COREP (covering Own Funds, Leverage, Large Exposures and Liquidity) came into effect from 1 January 2014 and FINREP comes into effect for those firms that meet the requirements from 1 July 2014.

The FCA states that the information that firms provide using COREP is very important in allowing it to effectively supervise against the CRR. Given the changes to the reporting process and the timescales involved, the FCA is interested in identifying how well prepared firms are. The FCA has therefore developed a short online questionnaire to capture how well firms are prepared for COREP and asks them to voluntarily complete it by 28 February 2014.

Following the implementation of COREP, the FCA states that it may ask some firms to voluntarily provide more information about the transition in their capital position under CRD III and CRD IV, and their COREP implementation project.

View FCA letter to the head of compliance, 10 February 2014

View COREP readiness, 10 February 2014