On 13 March 2019, the FCA updated its webpage on digital regulatory reporting (DRR). The FCA has added the following materials to its webpage:
- a video explaining the FCA’s work with the DRR pilot group;
- a phase I report on its DRR pilot. The pilot explored how firms and regulators could use technology to make the current process of regulatory reporting more accurate, efficient and consistent. This included exploring the broader implications of those technological changes and developing a vision for what regulatory reporting might look like in the future; and
- information on phase II of its DRR pilot. This phase will, in particular, look to understanding the economic viability of DRR and exploring how it could apply to different product groups. The priority objectives of this phase will be to:
- assess economic viability of DRR from a participant organisation, industry and economy-wide perspective;
- explore possible third party solutions for the generation of machine executable regulation and the definition of data and how they may fit into DRR vision; and
- further develop and test processes for definition of data and creation of machine executable regulation developed in phase I.