The financial services industry may regularly rail at all the regulatory requirements they have faced in recent years, but spare a thought for the regulators trying to supervise a group of market participants with budgets and resources far superior to their own.
In February 2018, the FCA issued a ‘call for input’ to further explore the idea of a reporting regime of automated and straight-through-processing of reporting returns. VERMEG (Formerly, Lombard Risk) was one of the technology firms that participated in the TechSprint; James Phillips, its global head of regulatory strategy, welcomes the development and expects progress to be swift. “Machine-readable rules will happen and will happen fast,” he says.
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