Avoid failings in MiFID II transaction reporting
MiFID II took the focus on transaction reporting to the next level. This, alongside the fact that the FCA (alongside many other EU regulators) are actively undertaking supervisory activities on MiFID II transaction reporting means there has never been a greater time to ensure this function is robust.
Firms need to review their compliance with MiFID II rules addressing causes of issues, the framework, governance, data quality, controls, documentation, strategy, decision making processes and the quality of transaction reports.
Processes have to be adaptable. Without transaction reporting change management taking into account different regulations, infrastructure, technology, trading activity, business models and people, data can become inaccurate.
Firms need to understand the data flow from start to finish. They must be able to identify data sources and system dependencies to effectively manage any potential problems.
Transaction reporting monitoring needs clear ownership to be able to detect and solve issues quickly and effectively. This will need a full and clear breakdown of the tasks and responsibilities included in this role.
Subject matter expertise is key in data quality deep dives and thematic work. Checks on new and historical data needs to be complete, accurate and timely.
Standardisation is encouraged for incident management and risk categorisation so that the right classification can be given, and appropriate procedures followed.
Twelve firms were fined a total of £33m by the FCA for shortfalls and companies need to make sure they don’t suffer the same fate. We can help you bring in the specialist expertise required to safeguard your company.
Senior Transaction Reporting Specialist
Previous Head of Compliance – very experienced project lead, Top Tier Banking experience.
£1,000 per day + VAT
We also have fully vetted, generalist transaction reporting/ disclosures contractors that can start on a project immediately.
£350 – £550 per day + VAT