JP Morgan Chase: More Standardisation Please
Yesterday also saw a call from the world’s largest bank for regulators around the world to simplify compliance and lower administrative burden by increasing the use of standards in their work. Specifically, the bank believes that:
- The Financial Stability Board (FSB) should continue to promote the consistent application of global data and reporting standards like the Legal Entity Identifier (LEI) across jurisdictions and monitor the progress of adoption.
- Individual jurisdictions should evaluate their individual regulatory frameworks to promote common data standards and best practices.
- International standard setters such as the FSB and Bank for International Settlements should regularly assess, in cooperation with other stakeholders, what additional new global data standards are needed.
- The private sector should continue to explore opportunities to drive data standardization in market process and practices both related and unrelated to regulatory requirements.
At XBRL International we believe that there is an extraordinary opportunity for collaboration both between regulators and amongst the regulated to improve clarity, improve outcomes and to bring about significant simplification. It’s also a chance to lower the costs associated with inconsistent regulations imposed on business. The JP Morgan piece (just in time for next week’s IOSCO conference) is here.