(Reuters) -Britain's financial regulator on Friday set out proposals to streamline transaction reporting requirements, which help detect financial crime and monitor market resilience, to reduce costs
UK Regulator Eases Transaction Reporting to Cut Costs
(Reuters) -Britain's financial regulator on Friday set out proposals to streamline transaction reporting requirements, which help detect financial crime and monitor market resilience, to reduce costs and help firms save more than 100 million pounds ($130.59 million) annually.
The Financial Conduct Authority said it has proposed removing foreign exchange derivatives from reporting requirements and reducing the period for for correcting historic reporting errors to 3 years from 5.
It is also proposing to remove reporting requirements for financial instruments including equities and bonds that are only traded on European Union trading venues.
($1 = 0.7658 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Krishna Chandra Eluri)
