The FRSGlobal 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 â which impacts both the business and I.T. greatly.
At least 60 firms in Luxembourg will benefit from the new reporting application, which once again illustrates the value of the FRSGlobal Guarantee to âkeep the reporting applications up to date with regulatorsâ requirementsâ as part of the subscription service.
Tim Carley, VP EMEA South, FRSGlobal explains: âThis is another illustration of how FRSGlobal Guarantee enables its clients to comply with new rules well ahead of the official milestones. Our business analysts and developers have been preparing for this since May 2009 through close and frequent communication with the regulator. Banks in Luxembourg can now test the FRSGlobal BCL application â and be in the best position to meet the European regulatory changes next year.â