Regulatory body in Spain chooses London Stock Exchange Group to bolster supervision
The London Stock Exchange Group (LSEG) has entered into a significant collaboration with Spain's insurance and pension fund regulator, the Dirección General de Seguros y Fondos de Pensiones (DGSFP), to strengthen oversight of the Spanish insurance and pension fund sector.
Following a competitive tender process, the DGSFP has appointed LSEG, demonstrating the group's ability to provide advanced data and technology solutions to regulators. This partnership is a testament to LSEG's commitment to supporting the insurance and pension fund sectors in enhancing their regulatory and supervisory capabilities.
The collaboration centres around the implementation of DataScope Select, LSEG's industry-leading platform. This platform is designed to streamline regulatory and supervisory workflows by providing direct access to standardized and reliable financial data.
DataScope Select offers numerous key benefits that will improve the DGSFP's regulatory oversight. These include:
- Data Accessibility: The platform offers direct access to a wide range of financial and regulatory datasets, reducing time-consuming manual data requests.
- Standardization: The platform aggregates and standardizes data from multiple sources, making it easier for the regulator to analyze and compare information consistently.
- Automation: It supports automated data submissions and workflow integration, enhancing regulatory reporting accuracy and timeliness.
- Efficiency Improvements: By streamlining data flows, DataScope Select reduces operational burdens, allowing the DGSFP to focus on risk analysis and decision-making rather than data gathering.
- Scalability: As regulatory demands evolve, the platform can scale and adapt to new requirements and data types.
These features collectively result in better regulatory oversight, improved data quality, and enhanced supervisory effectiveness for the DGSFP. The use of DataScope Select aligns with LSEG’s broader strategy to provide cloud-based, integrated data solutions tailored for regulatory and financial market participants.
Kristin Hochstein, LSEG's Global Head of Pricing and Reference Services, stated that the collaboration underscores LSEG's commitment to supporting regulators and financial institutions globally. The implementation of DataScope Select is expected to improve data accuracy and collection, supporting DGSFP's regulatory and supervisory workflows.
This collaboration holds strategic regional significance as it empowers DGSFP to fulfil its supervisory responsibilities under the European Union's Solvency II Directive. By enhancing its data collection and supervisory capabilities, the DGSFP is better equipped to ensure the stability and resilience of the insurance and pension fund sectors within Spain and the EU.
In conclusion, the partnership between LSEG and DGSFP marks a significant step forward in data-driven regulatory oversight. By leveraging LSEG's advanced data and technology solutions, the DGSFP can take data-driven and risk-based decisions in fulfilling its supervisory responsibilities, ultimately promoting transparency, efficiency, and resilience in financial markets.
[1] London Stock Exchange Group. (n.d.). DataScope Select. Retrieved from https://www.lseg.com/products-and-services/data-services/datascope-select [3] London Stock Exchange Group. (n.d.). Regulatory Solutions. Retrieved from https://www.lseg.com/products-and-services/data-services/regulatory-solutions
- Recognizing the competitive tender process that led to the appointment, the London Stock Exchange Group (LSEG) is demonstrating its ability to deliver advanced technology solutions in the finance and business sectors, specifically providing DataScope Select to Spain's insurance and pension fund regulator, the Dirección General de Seguros y Fondos de Pensiones (DGSFP).
- The strategic collaboration between the LSEG and the DGSFP, enabled by technology, is aimed at enhancing regulatory and supervisory capabilities, allowing the DGSFP to make data-driven decisions and promote transparency, efficiency, and resilience in the finance sector, encompassing the insurance and pension fund sectors, within Spain and the European Union.
