Financial Services partner Neil Robson was quoted in HFM Technology magazine about how the Financial Conduct Authority's new submission system for accepting Annex IV reports is causing confusion among managers and is already blighted with inefficiencies. The GAthering Better Regulatory Information Electronically (GABRIEL) platform started accepting Annex IV reports in October, but there are major concerns over its functionalities.
In response to the complaint that the system does not allow firms to input figures below zero, Neil commented, "They say that within due course the system will be revised to be able to reflect negative positions but at the moment it is going to be a bit of a fudge." While the system is now open to UK managers, GABRIEL will not be accessible for all US and non-UK managers marketing in the United Kingdom until later in November. With the first reporting deadline looming on January 31 for alternative investment fund managers who received authorization in July, Neil noted, “Fund managers in New York have got a pretty short time-frame in which they’re supposed to learn how to use Gabriel and then figure out how to submit their report.” (“Big Concerns Over FCA Annex IV Reporting ‘Fudge,’” November 2014)
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