No ongoing transaction reporting investigations

FCA has released some new transaction reporting data which rather surprisingly states there are still no Skilled Person reviews on transaction reporting and no ongoing investigations [in Enforcement]. Although FCA does make the point that the Final Notice issued to Goldman Sachs was done so without any s166 review or enforcement investigation.

Looking back to January when I last shared TR data, we are now up to 3,724 MiFIR firms. Importantly firms have taken note of Market Watch 59 as there has been an increase in the number of MDP data extract requests which have jumped from 405 to 682.

There are also firms reporting errors and omissions to FCA, up from 383 to 546. FCA routinely follows up on these reports with FCA having written to 223 firms about their errors and omissions, with 74 having visits from, or calls with FCA.

If you are not already requesting MDP data extracts, you really should start right away. The FCA knows who has and has not asked them.