Mandatory electronic reporing requirements coming into force over the next couple of years should be a smooth process, as enabling technologies working behind the scenes have the support from software developers and industry, says the man heading the FSA's efforts to implement the new regime.
David Anderson, programme director integrated regulatory reporting (IRR), says the process of ensuring a smooth transition to the new rules started with the choice of technology underpinning the regime. XBRL, eXtensible Business Reporting Language, which will be used to communicate data between IFAs and the FSA under IRR, is already used in the pharmaceutical industry to deliver up to 12 years’ worth of testing data for regulatory purposes. This proves the reliability of the technology, and its suitability for regulatory purposes, Anderson says. "Financial regulatory forms are actu...
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