FRSGlobal, the only global provider of risk and regulatory compliance solutions with reporting coverage for over 30 countries on a unified platform, today announced its 25th signed contract to support banks in Luxembourg with the new "Security by Security" (SbS) regulatory reports.
The Banque Centrale du Luxembourg (BCL) published Circular BCL 2007/213, introduced a new monthly statistical reporting framework for credit institutions, to satisfy the European Central Bank's guideline ECB/2004/15 regarding balance of payments. As such, from January 2009, all credit institutions are required to deliver SbS reporting and thereby provide securities positions reported in their balance sheet, as well as those securities positions held on behalf of resident third parties. Should a credit institution not possess securities in their business, they are still required to submit the data collection, unless an exemption from the BCL is obtained.
The FRSGlobal SbS reporting solution is part of its FinancialAnalytics suite and provides all of the report templates for the new BCL reporting requirements - including SbS assets, liabilities and off-balance reports. The FRSGlobal solution allows for information to be collated, calculated, validated and stored in a single repository (FRSGlobal DataFoundation) to create a 'clean' source of information, suitable for both external regulatory and internal management information reporting.
Marc Gillis, Sales Director EMEA South, FRSGlobal, commented: "FRSGlobal has become the de-facto solution for SbS regulatory reporting in Luxembourg. Clients feel secure with our proven solution and we continue to provide them with the unique FRSGlobal Guarantee of continued regulatory compliance as and when regulations change."