Our members recognise the importance of an effective reporting regime which supports the FSA in meeting its statutory objectives in the detection of market abuse and prevention / detection of financial crime. We are keen to continue to work closely with the FSA as our member banks have a wealth of experience regarding the practical implications of introducing some of the suggested changes and therefore continue to appreciate the opportunity to participate in consultations. We believe this dialogue between the regulator and the industry supports the ability of the FSA to lead Regulatory Reporting policy formulation in Europe.
