A new template or technical working group is formally launched by the Steering Group if deemed necessary after discussions with the technical working groups or other stakeholders. The groups monitor legislative developments, such as new guidelines from the European supervisory authorities, to determine whether a template requires a revision.
Once it has been determined that a template requires revision, the working group discusses changes to the template. The number of meetings depends on the scale of the changes. During this process, group members are expected to participate in regular meetings and provide verbal and written comments on the draft templates. Members are also expected to “own” the template, i.e., to be able to explain its content within their organisations or to others.
Once a group has finalised a draft, it is published for consultation on the FinDatEx website (under “work in progress”). This allows “for information” group members, members of FinDatEx associations or any stakeholders to provide feedback. FinDatEx ensures that, depending on the regulatory timeframe, consultations are long enough for all stakeholders to be able to provide meaningful input. This feedback is then incorporated into a final draft, which is endorsed by the Steering Group.
After endorsement, the new template is published on the FinDatEx website. All previous templates and consultations are available there.
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