The Financial Conduct Authority (FCA) has updated its CRD IV webpage to explain that it has written to the Head of Compliance at firms subject to the Prudential sourcebook for Investment Firms (IFPRU) to inform them that, following the implementation of
COREP (common reporting standards) from 1 January 2014, it may ask some firms to voluntarily provide more information about the transition in their capital position under CRD III and CRD IV and their COREP implementation project.
The FCA says that it will aim to ask for information that would have already been produced by the firm while implementing COREP and the focus will be on prudentially significant firms.
The FCA has also asked firms to complete a short online voluntary survey to help it to identify how prepared firms are with respect to the data required and the submission format for the implementation of COREP, both individually and across sector populations.
The relevant firms are asked to complete the survey by 28 February 2014.
© Finextra Research 2014