As reported by Computer Weekly last month, the new rules will be phased in from April 2005, requiring financial services firms to send compliance information to the City regulator electronically using a data standard known as XBRL. Firms have the choice of filling in an online form or direct system-to-system transfer.
Most compliance information currently received by the FSA, such as information on suspect transactions, is paper-based.
The electronic reporting standard will make market regulation more effective and cut administration costs for firms, the FSA said. The XBRL standard will also play a key role in the introduction of international accounting standards from the beginning of 2005.