Following the publication of the Committee of European Securities Regulators’ (CESR) consultation papers on MiFID earlier this year (see our coverage of the non-equity transparency paper 
This month’s UK Financial Services Authority (FSA) forum on preparation for liquidity reporting for independent software vendors (ISV) and firms under the new liquidity risk regime focused on the details of the XML submission process and upcoming schedules for Gabriel testing. Last month, the FSA confirmed that rather than accepting spreadsheets for all data as first planned, firms will need to prepare XML submissions for the required data (see our coverage 
As part of the wider overhaul of the Basel capital framework, the Committee of European Banking Supervisors (CEBS) has this month issued a consultation paper updating the common reporting (COREP) guidelines for capital requirements, which must be submitted to regulators as part of their risk management oversight. It is asking firms to provide feedback on its recommendations around the formats, frequencies and dates of these reports, including the potential of using XBRL formatting for this risk data.
Given that its predecessor was delayed by a decade, it comes as no surprise that Basel III is facing a few setbacks in terms of implementation (see our recent breakdown of some of the requirements 
The market fragmentation that has been a major by-product of the introduction of MiFID has resulted in a number of serious data related issues in the OTC space in particular, said Tom Davin, managing director of the Washington-based Financial Information Services Division (FISD) of the Software & Information Industry Association (SIIA), at the recent MiFID JWG reunion meeting. Regulators are therefore tackling the post-trade space by attempting to introduce a new focus on data quality and timeliness, but the current set of proposed data standards for instrument identification may not be sufficient, suggested Davin.
As previously noted by A-Team Insight (see 
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The UK Financial Services Authority (FSA) cited weakness in reporting systems and controls in its announcement that it fined London-based firm Goldman Sachs International (GSI) £17.5 million for breaching FSA Principles. According to the FSA, “The fine relates to GSI’s failure to ensure that it had in place adequate systems and controls to enable it to comply with its UK regulatory reporting obligations.”
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