The Bank of England’s financial watchdog, the Prudential Regulation Authority (PRA), has written to company CEOs discussing recent findings on the reliability of regulatory reporting, decrying poor practices, and reiterating its supervisory expectations.
XBRL US has written to the Securities and Exchange Commission (SEC), providing feedback on its semiannual regulatory agenda and urging it to make time for testing.
The Legal Entity Identifier (LEI) is a valuable element in digital reporting, reliably identifying filers over time and across jurisdictions, and connecting them with their financial data. For regulators, it helps facilitate risk analysis, market transparency and enforcement.
The UK’s Department for Business, Energy & Industrial Strategy (BEIS) has launched a consultation on an upcoming major overhaul of Companies House rules designed to improve the quality and value of financial data.
Fintech promises to revolutionise the financial sector, with efficiency, choice, and financial inclusion on the horizon. However, disruptive growth in finance needs to be supervised and regulated so risks are properly managed. That’s where regulatory sandboxes come in – they allow start-ups to trial innovations under the watchful eye of authorities.