FRSGlobal Announces Statistical ECB Regulatory Reporting Application in Luxembourg to Meet July 2010 Deadline
FRSGlobal has released a new version of its statistical reporting application to meet the European Central Bank’s (ECB) and Banque Centrale du Luxembourg (BCL) regulatory requirements in Luxembourg four months ahead of the BCL’s testing deadline.
The reporting application will meet the requirements set out by the BCL, who is in charge of collection of data from firms subject to the regulations of the ECB, for banks to be ready for testing in April 2010 (with March data) and to go live by July 2010 (with June data).
Country-specific versions of the ECB regulations are being brought in across Europe in the interest of clarity and transparency as a direct result of the financial crisis. The ECB decided that amendments were necessary to the existing regulatory reports in order to produce a comprehensive statistical picture of monetary development in the participating member states.
For firms it means that some of the original reports require more detail; other new reports have been introduced (such as those relating to securitisation and internet access reporting) and all have to be submitted electronically, using XML – which greatly impacts both the business and IT.