Electronic reporting – more time for non-retail firms

The start date for new financial and non-financial reporting rules under mandatory electronic reporting (MER) will be 1 January 2009, the FSA confirmed in PS07/1, “Integrated Regulatory Reporting (IIR): Certain investment firms”, which is 11 months later than originally proposed. Firms, broadly credit institutions and non-retail investment businesses – a detailed guide to those affected is set out in the Annex 1 to the policy statement - will submit existing returns until 31 December 2008. The exception is newly-authorised (from 6 April 2007) operators of personal pension schemes, which will need to file new financial data items from 1 February 2008. The regulator has also introduced a Key Data item for Exempt CAD [Capital Adequacy Directive] Firms (EAFs), it will provide minimum data to permit monitoring of compliance with revised capital adequacy requirements by these firms from 1 November 2007. EAFs will need to submit the data from 1 January 2008 until the MER begins to operate on 1 January 2009, when they will be required to engage in full new financial and non-financial reporting.