Fines & More For Transaction Reporting Failures

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MiFID Transaction Reporting
Transaction Reporting is a highly complex area that many firms struggle to fully understand and successfully implement, as demonstrated over the years by a number of high profile enforcement cases. Transaction Reports are used by the Regulator in the detection of Market Abuse and therefore it is important that reports made are accurate and complete.

Fines for transaction reporting failures lead to reputational damage and in many cases costly reviews in the form of s166 Skilled Persons reports. We have also seen a proliferation of firms and their senior management being required to sign attestation letters issued by the FCA with regard to confirming the accuracy and completeness of their transaction reports.

EMIR Trade Reporting
As well as MiFID transaction reporting, many firms are also caught under EMIR Trade Reporting. EMIR Trade Reporting was introduced in 2014 as a response to the 2008 financial crisis where it became apparent that greater transparency and risk management was required, particularly in the OTC derivative space.

EMIR requires all EU/EEA financial firms (including investment banks, wealth management firms, private client stock brokers, asset management firms, spread betting firms, inter-dealer brokers and hedge funds with EU Alternative Investment Fund Managers “AIFM”) and non-financial counterparties (corporates) with

Full details at …. http://www.duffandphelps.com/services/compliance-and-regulatory-consulting/compliance-consulting/trade-and-transaction-reporting.html

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