Confidentiality of information requirements
Looking at inappropriate handling of information requirements issued by the FCA can hinder, or even compromise, our preliminary reviews of, and investigations into, suspected market abuse.
Legally privileged documentation
Reminding market participants that material that could be subject to Legal Professional Privilege (LPP) should not be included in suspicious transaction and order reports ("STOR" reports) or market observations submitted to the FCA. If it is included, market participants risk losing or waiving any claimed legal privilege.
Unreported Transactions, where firms have misinterpreted the reporting requirements or lack the infrastructure to report on a T+1 basis;
Clarification of the immediate underlying reporting requirement;
Inconsistent dissemination of trading venue transaction identification codes (TVTICs) by trading venues to investment firms;
Errors in the use of country of branch fields; and
Ongoing reconciliation between transaction reports and front office records to ensure reporting accuracy. The transaction report acceptance rate presented by the FCA should not be considered as a standard for assessing the completeness and accuracy of transaction reports.
FCA's 64th Market Watch Newsletter looks at transaction reporting issues as firms prepare for the end of the Brexit transition period.
The 63rd market watch newsletter looked at market conduct and transaction reporting issues in the context of the COVID-19 outbreak.
SteelEye is a trusted compliance platform for MiFID II, EMIR, Dodd-Frank, MAR, SMCR & more. Established to reduce the complexity and cost of financial compliance, SteelEye enables firms globally to manage their regulatory obligations through a single platform.
SteelEye’s regulatory reporting suite for EMIR and MiFIR seamlessly consolidates, cleanses, validates and enriches all required client data in real-time and automates large parts of the transaction reporting process. By doing so, SteelEye addresses the significant data integrity challenge many firms have faced following recent regulations and enables them to improve their operational efficiency while freeing up resource.
Because of the complexities around regulatory reporting and the fact that firms can submit valid reports and still fall short of their obligations, SteelEye provides sophisticated validation tools, testing and reconciling all submitted reports against the reporting criteria, presenting any rejections for easy correction. Using the SteelEye dashboard, clients can thereafter manage, update and review the status of all submitted trades – feeling confident in their compliance.
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