The FCA places great importance on the data they receive through firms transaction reports, including sharing data with other regulators in order to detect and prevent market abuse.
A form of transaction reporting has existed in the UK for more than 20 years which has evolved and the scope has expanded to now cover more products and capture more fields than ever before. As a result of MiFID II some firms had to implement the regime for the first time, others had material changes to make to accommodate the additional data fields required. Many firms are now looking to make material improvements or benchmark their implementation against industry best practice.
This guide brings together the relevant regulations, and good practice in a practical framework that you can use to self assess your own framework, select sections and turn them into internal policies and procedures. The guide explains the various regulations that comprise the MiFID II Transaction Reporting regime and most importantly tells you what you need to do to implement the regime.
When implementing any regulation a certain tolerance has to be set for regulatory risk. In this framework that regulatory risk tolerance is set for businesses wanting to show they are taking Transaction Reporting seriously and doing the right thing in their firm based on real regulatory and compliance advisory experience of what other firms are actually doing as best practice, and what FCA has said they expect.
The How to Guide covers:
- Key messages to use internally
- Scope of the regime
- The common pitfalls to avoid
- The current and historic rules, and guidance
- Regulatory breaches
The guide is written succinctly and has the crispness expected in wholesale firms whilst getting to the point. The main document is 17 pages long, as it carefully covers all the regulations, reporting eligibility, control requirements and regulatory expectations, and provides context and background to the regime. The guide avoids use of regulatory jargon and legal terminology, but includes definitions of the key terms used when referring to Transaction Reporting.
How to Guide: MiFID II Transaction Reporting
This file is in Word 97-2003 (*.doc) format. It is also available from our store in Microsoft Word (*.docx) format.