The PRA has issued a statement regarding its approach to regulatory reporting and Pillar 3 disclosures in response to COVID-19 for UK banks, building societies, designated investments and credit unions. The PRA will accept delayed submission for regulatory reporting where the original remittance deadlines fall on or before 31st May 2020. The list of reports that can be delayed for a
The insidious presence of COVID-19 and its impact on society and the financial markets knows no bounds. The financial markets have been in meltdown causing huge volatility and increased margin call volumes, thus causing firms to re-evaluate their priorities where Phase V UMR compliance is concerned. Firms are now having to take a more tactical approach and ensure the continued
2020: the year to reset your regulatory reporting foundations? How about some focus on data gathering, data quality, operating processes and mitigating key person risks for regulatory reporting? Before Basel III finalisation (a.k.a. Basel 3.1 or Basel IV)… A few weeks ago, I’d been planning to focus this article on what firms could do to make use of
On Friday it was announced that the Implementation date of the remaining Basel III standards, which were due to come into force in January 2022, will be delayed by a further year, giving a new implementation date of 1 st January 2023. The Basel Committee’s Oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS) endorsed a
We are living in unprecedented times, unlike anything we have seen before. The health of our community is the primary focus and it’s amazing to see how people can all pull together. For example, in the UK Formula 1 manufacturers are getting their scientists and engineers to see if they can build desperately needed ventilators, fashion companies are producing medical
“In 2020 a crack fintech commando unit were sent to prison by a military court for a crime they did not commit. These people promptly escaped from maximum security stockade to the Los Angeles underground. Today, still wanted by the government, they survive as soldiers of fortune within collateral management. If you are struggling with margin call volumes, significant adverse
Previously on Regulatory Wars Phase V – The Fintech Strikes Back…. A long time ago in a galaxy far, far away…It is a period of civil war. Rebel fintech spaceships, striking from a hidden base, have won their first victory against the evil Galactic Regulatory Empire……… Rebel Fintech companies have now stolen plans to the Galactic Regulatory Empire’s Death Star, a moon-sized space station capable of
Previously on Regulatory Wars Phase V – The Fintech Strikes Back…. A long time ago in a galaxy far, far away…It is a period of civil war. Rebel fintech spaceships, striking from a hidden base, have won their first victory against the evil Galactic Regulatory Empire……… As Obi Wan Kenobi once said “Don’t be too proud of this regulatory terror you’ve
A long time ago in a galaxy far, far away…It is a period of civil war. Rebel fintech spaceships, striking from a hidden base, have won their first victory against the evil Galactic Regulatory Empire……… The above sounds like fiction doesn’t it? However, for many institutions the Uncleared Margin Rules, or UMR for short, represent the regulatory equivalent of the
