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FCA launches call for input on the use of technology to achieve smarter regulatory reporting

The Financial Conduct Authority (FCA) has today announced that it is seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide.

The FCA regularly explores how technology can make our regulations more efficient and reduce the regulatory burden on firms. One of the ways we do this is through ‘TechSprints’ that bring together financial services providers, technology companies and subject matter experts to develop solutions to regulatory challenges.

In November 2017, the FCA and the Bank of England, held a two-week TechSprint to examine how technology can make the current system of regulatory reporting more accurate, efficient and consistent. All regulated firms submit data to the FCA based on their financial activities. The data received from these regulatory reports are critical to our ability to deliver effective supervision, monitor markets and detect financial crime.

At the TechSprint, participants successfully developed a ‘proof of concept’ which could make regulatory reporting requirements machine-readable and executable. This means that firms could map the reporting requirements directly to the data that they hold, creating the potential for automated, straight-through processing of regulatory returns.

This could benefit both firms and regulators. For example, the accuracy of data submissions could be improved and their costs reduced, changes to regulatory requirements could be implemented more quickly, and a reduction in compliance costs could lower barriers to entry and promote competition.

The collective demand on firms reporting regulatory data to the FCA is significant. Every year the FCA receives over 500,000 scheduled regulatory reports from firms, as well as additional ad hoc reports.

The Call for Input outlines how this ‘proof of concept’ was developed and asks for views on how the FCA can improve this process. The paper also seeks feedback on some of the broader issues surrounding the role technology can play in regulatory reporting.

Christopher Woolard, FCA’s Executive Director of Strategy and Competition commented:

‘Technology is a powerful shaper of financial regulation, able to make compliance simpler and more efficient. Our TechSprints bring people from across the financial services world together to share their collective knowledge to solve common problems. We look forward to working with industry participants in the coming months to drive these ideas forward.’

The Call for Input will close on 20 June 2018. We will publish a feedback statement summarising the views received and the proposed next steps in Summer 2018.

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CBL Insurance Europe dac ceases writing new business

CBL Insurance Europe dac (CBLIE) is an insurance firm authorised and regulated by the Central Bank of Ireland. It operates in the UK on a freedom of services basis.

The Central Bank of Ireland informed the Financial Conduct Authority on 19 February 2018 that it has issued a direction to CBLIE instructing it to cease writing new business with immediate effect, until further notice.

CBLIE continues to otherwise operate normally and existing policies continue to remain in force.

The Central Bank of Ireland has required CBLIE to write to all appointed insurance brokers and distribution partners to inform them of the direction. The Central Bank of Ireland has also requested that all appointed brokers and distribution partners, with which CBLIE is connected, inform policyholders. Any existing CBLIE policyholders who have concerns about their policy should contact the firm directly, or their broker (if the policy was bought through a broker).

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FCA and US CFTC sign Arrangement to collaborate on FinTech innovation

The Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC) have today signed an arrangement that commits the regulators to collaborating and supporting innovative firms through each other’s financial technology (FinTech) initiatives

Andrew Bailey, Chief Executive of the FCA, commented: “International borders shouldn’t act as a barrier to innovation and competition in financial services and that is why agreements like the one we have signed today with the CFTC, a forward looking and proactive regulator, are so important. As our first agreement of this kind with a US regulator, we look forward to working with LabCFTC in assisting firms, both here in the UK and in the US, who want to scale and expand internationally in our respective markets. As part of the Arrangement, the FCA and the CFTC will be hosting a joint event in London to demonstrate how firms can engage with both regulators.”

“The FCA’s Project Innovate is the gold standard for thoughtful regulatory engagement with emerging technological innovation,” said CFTC Chairman Giancarlo. Therefore, I am delighted to join Andrew Bailey in this arrangement to demonstrate our cross-Atlantic commitment to facilitating market-enhancing innovation and sharing best practices in FinTech engagement. This is the first FinTech innovation arrangement for the CFTC with a non-US counterpart. We believe that by collaborating with the best-in-class FCA FinTech team, the CFTC can contribute to the growing awareness of the critical role of regulators in 21st century digital markets. Our LabCFTC FinTech effort grew out of a bipartisan commitment to innovation, and I thank my fellow CFTC Commissioners Brian Quintenz and Russ Behnam for their continued leadership on these issues.”

The Cooperation Arrangement on Financial Technology Innovation (FinTech Arrangement) focuses on information-sharing regarding FinTech market trends and developments. It also facilitates referrals of FinTech companies interested in entering the others’ market, and sharing information and insight derived from each authority’s relevant sandbox, proof of concept, or innovation competitions.

The Fintech Arrangement follows the creation of FCA Innovate in October 2014 and LabCFTC in May 2017. Among other activities, these initiatives were set up to help businesses with innovative ideas navigate the regulatory landscape and engage with the regulator. To date, the FCA’s Innovation Hub has supported over 500 businesses and the authorization of 43 businesses. LabCFTC has engaged with over 150 entities since its launch last year, published its first primer on the topic of virtual currencies, and soon will seek public feedback on a planned 2018 innovation competition.

The FinTech Arrangement supports both regulators’ efforts to facilitate responsible FinTech innovation and ensure international collaboration on emerging regulatory best practices.

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توقف صدور ویزا برای ایرانیان توسط سفارت قبرس

از صبح 1397-04-25 صدور ویزا برای شهروندان ایرانی برای سفر به قبرس از سوی سفارتخانه این کشور در تهران متوقف شده است و متقاضیانی که برای دریافت ویزا به سفارت این کشور در تهران مراجعه کردند و بدون اطلاع قبلی با درب بسته شدن سفارتخانه مواجعه شدن و نه تنها ویزار نتوانستند بگیرند بلکه دلیل بر بسته شدن سفارتخانه هم بدست نیاوردند .