Posted on: July 16, 2024
Bank of England Statistical Reporting
The Bank is to issue a draft version of an updated taxonomy and Data Point Model (DPM). This draft is expected in the final quarter of 2024. The only purpose of the new taxonomy and DPM is to address known issues with the existing versions. Reporting requirements for firms will not change. Whistlebrook will make the appropriate alterations to its regulatory solution.
Product Sales Data (Consumer Credit Reporting)
The Financial Conduct Authority issued (on 12th July 2024) a final version of PSD009, which is to be used to report performance of consumer credit accounts. This template is one of the three for consumer credit reporting, which will become effective (for larger firms) from report reference date 30th September 2025. Institutions that qualify as ‘small’ and are subject to consumer credit reporting, will have a first report reference date of 31st March 2026.
EMIR
New reporting requirements on derivatives trades are being introduced by the Financial Conduct Authority. The effective date for the revised reporting is 30th September 2024. Any transactions before that date can be subject to transitional implementation, but the additional data must be provided by 31st March 2025. Further details were published by the FCA and are available via the following link https://www.fca.org.uk/markets/uk-emir/uk-emir-reporting-questions-and-answers.
Basel 3.1 and the Small Domestic Deposit Takers Regime (SDDT)
As at 15th July 2024, the final policy statement on Basel 3.1 remains outstanding, having been delayed by the General Election and the related parliamentary process required to enable publication. Similarly, proposals on the capital requirements of SDDT are also not yet available. It is expected that the SDDT paper will accompany the Basel 3.1 documentation. Once both are presented, Whistlebrook will be working to make the necessary changes to the regulatory software. WIRESPLUS clients are encouraged to contact Whistlebrook, should they feel that they will have very firm specific reporting requirements.
WIRES Releases
| Release | Content | Approximate Timing |
| 6.9 | Enhancements and minor fixes | End August 2024 |
| 7.0 | Changes for Basel 3.1 | End December 2024 – the timing is subject to change as it is dependent on publication of the Basel 3.1 final policy statement (date currently unknown). |
This regulatory update is Whistlebrook’s understanding of the position as at 15th July 2024.