November Regulation Update

FSA047 and FSA048 Withdrawal

It is proposed that liquidity returns FSA047 and FSA048 that are due to be withdrawn upon the introduction of PRA110, remain in place until January 2020. Therefore firms can expect to have the additional requirements of PRA110, without the benefit of the expected removal of FSA047 and FSA048 for six months. Further details are in PRA consultation paper 22-18.

Changes to Forms

Bank of England

The Bank of England is making changes to forms ER (Effective Interest Rates), AD (Analysis of Deposits from UK Residents) and AL (Analysis of Lending to UK Residents). These changes will be effective from reporting for January 2019 i.e. submissions of data for that month and later .

In addition, forms AS (Securities Holdings) and FV (UK Resident Special Purpose Vehicles) are being introduced.

Form AS:

  • The collection method of data to be reported for AS is (as at 2 November 2018) not known. A Statistical Notice will be released by the Bank of England specifying the method.
  • Frequency of the submission of AS will be quarterly.
  • Whistlebrook understands that reporting of AS will be effective for the quarter starting in January 2019. Submission will be due within eighteen working days.

Form FV:

  • Similar to form AS, the collection method for FV has not been finalised by the Bank of England.
  • Whistlebrook understands that the return will be effective for quarter one of 2019, with the first submission in May 2019.

FCA

Changes to schemas for FSA005, FSA017 and FSA045 (as required by the FCA) will be included in the next release of Wires.

Payment Services

Under the Payment Services Directive 2, there are changes to reporting requirements.

Payment Services Complaints

Payment Services Fraud (REP017)

  • This form will be in the next release of Wires and allow submission to Gabriel
  • Submissions will be annual and within one month of the report reference date
  • Whistlebrook understands that the first submission is required for the period from 13 January 2018 to 31 December 2018
  • There is a proposal to revise REP017 such that data will be provided semi-annually (only annually for smaller firms, but data will require to be broken down into six month periods)

Operational and Security Risk (REP018)

  • Submissions are to be made to Gabriel. To facilitate that requirement, this form will be available in Wires.
  • Frequency is on an annual basis
  • Date of submission can be at any point during the calendar year, but a firm’s first submission is due before the end of this year

Further details are available in https://www.fca.org.uk/firms/reporting-requirements-payment-institutions.

Revised FSA056

The updated version of this form will be available in the next release of Wires.

Resolution Reporting Z Templates

An Official Journal of the European Union dated 7 November was published and provided confirmation that EBA resolution reporting is to commence. Whistlebrook understands that:

  • For firms with a financial year that matches the calendar one, the first report reference date will be 31 December 2018
  • Institutions with a non 31 December year end, will have a reference date of the last day in their most recent financial year. For example, a financial year that ended on 31 October 2018, will mean this date is the first submission report reference one.
  • Frequency is annual
  • All firms will be required to provide their first submission by 31 May 2019
  • Subsequent submissions deadline is 30 April each year

Further details are in the Official EU Journal with reference L277/1.