The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

GoldenSource Releases New Datasets to Help Banks with Brexit Reporting Changes

Subscribe to our newsletter

Software and services provider GoldenSource last week announced the release of a series of new Brexit-specific datasets via its enterprise data management solution, to help banks prepare for differing regulatory demands in the wake of the UK’s expected departure from the EU on the 29th March 2019.

The firm implemented the move in response to the possibility that the UK could leave without a deal. If a political agreement isn’t struck, no new UK-related trade or transaction data would be received or processed by ESMA, while the FCA would have to stop sending data to ESMA, which could cause problems for financial institutions.

In the short-term, the platform will focus predominantly on supporting financial institutions with data segregation – making data for UK and EU available to send to the FCA and ESMA respectively. In the long-term, as the regulatory reporting requirements of the two regulators begin to diverge, the platform will allow banks to go into their UK dataset and make changes without affecting their European reporting commitments, and vice versa. This means that if the FCA was to issue new rules and thresholds, or tweak existing ones, financial institutions with branches in multiple jurisdictions could immediately comply with any new requirements.

“It’s no secret that the FCA and ESMA have contrasting outlooks when it comes to regulating financial markets,” says Volker Lainer, VP of Product Management and Regulatory Affairs at GoldenSource. “In the event of a no-deal or even a soft Brexit, regulatory reporting requirements will start to diverge, so firms need to get to grips with precisely what needs to be reported on to whom, and when. Only through a centralised data management platform can financial institutions ensure they’re not just avoiding both non-compliance and costly over-reporting after the initial grace period, but also prepare themselves for any future regulatory changes across other third-countries.”

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: The future of KYC and AML: How to tackle the challenges and gain the opportunities of perpetual KYC

Date: 24 March 2022 Time: 11:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Perpetual Know Your Customer (or pKYC) could be a game changer for client onboarding, due diligence and financial crime compliance. Moving on from today’s reactive approach that conducts client KYC processes at onboarding and typically at one, three and...

BLOG

GRAC Service Provider RiskBusiness Launches GDPR Equivalency Checker

Governance, risk, audit and compliance (GRAC) content and service provider RiskBusiness has introduced a GDPR Equivalency Checker ahead of new EU data privacy requirements coming into effect later this month. The new tool is targeted at all financial services firms impacted by the incoming changes under the so-called Schrems II legislation that comes into effect...

EVENT

ESG Data & Tech Summit 2022

The inaugural ESG Data & Tech Summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

Regulatory Data Handbook 2021/2022 – Ninth Edition

Welcome to the ninth edition of A-Team Group’s Regulatory Data Handbook, a publication dedicated to helping you gain a full understanding of regulations related to your organisation from the details of requirements to best practice implementation. This edition of the handbook includes a focus on regulations being rolled out to bring order and standardisation to...