The FCA’s reporting regime is becoming ever more complex with new reporting requirements, and new systems through which to report. We have been helping clients fulfil their reporting obligations for years and have the skills and software to make reporting as painless as possible.
At a simple level, we can help prepare and submit all of your regulatory returns, both financial and non-financial (for example, close links and controllers reports). We can also work with you on more complex matters such as ICAAPs.
The key reporting areas are set out below:
All firms outside the scope of CRD IV have to file financial reports through the GABRIEL system. These items range from the balance sheet through to AIFM capital adequacy reports, depending on a firm’s permissions.
Even where a firm is subject to CRD IV COREP reporting, it will still have to complete non capital adequacy reports through the GABRIEL system. We can help to set up your reporting systems, carry out a health check on your current processes and filings or do the calculations and complete the forms for you.
Banks and CRD IV investment firms have to submit various returns called Common Reporting (COREP). There are up to 25 templates covering capital, credit risk, operational risk, large exposures and liquidity.
Unlike GABRIEL reports, the COREP forms must be submitted in XBRL format and the software is not provided by the regulator. As with GABRIEL forms we can carry out the calculations or review yours, before transposing the templates into XBRL using specialist software.
AIFMD Annex IV reporting
All Alternative Investment Fund Managers (AIFM) which are managing or marketing Alternative Investment Funds (AIF) into the European Union or EEA have to complete AIFMD Annex IV reports. The size of the AIFM determines what the reporting requirements are and the frequency. The AIFM has a responsibility to file information on itself as well the AIFs.
The reports have to be filed using GABRIEL in XML format. We can advise you on completion of the reports and have software to make the submission process as painless as possible.
Our pricing is simple – an annual licence fee for use of the software plus a charge based on time spent for regulatory and administrative support.
ICAAP / Pillar 2 and SREP
Firms subject to CRD IV and BIPRU have to maintain an up to date Internal Capital Adequacy Assessment Process (ICAAP). Risks faced by the business, mitigating factors and stress / scenario testing should be used to determine the appropriate level of capital for the firm.
The ICAAP is relied on by the regulator to carry out its Supervisory and Review Process (SREP). The FCA carries these out on a 3 year rolling cycle. If a visit is not required, then the minimum is a review of the FSA019 GABRIEL return. The outcome of the SREP may require you to hold extra capital through individual capital guidance (ICG) as well as other remedial actions. We can help by reviewing your processes, your ICAAP documentation and stress / scenario testing and assisting you through the SREP process and its aftermath.
Recovery and Resolution plans
€730k investment firms have to update and submit a recovery plan at least every two years. The plan should detail what measures would be taken by your firm to restore its financial position following a significant deterioration in its financial position.
We can advise on the drafting of the plan, on your processes or review your own efforts to ensure all the FCA’s requirements are met prior to submission.
How can we help you?
We can advise on what your capital and other reporting requirements are, whether under BIPRU, CRD IV or AIFMD / IPRU (INV). We can also help you set up your systems and processes, conduct health checks, provide a third party review of your work or carry out calculations and submit returns for you.
Contact us today for more information on our reporting solutions.