Market Watch focuses on transaction reporting

The latest edition of Market Watch looks at recent FCA experience from supervising the UK MiFID transaction reporting regime. It is disappointed that it sees “persistent inefficiencies” from firms who have not managed to evolve their processes since the transaction reporting requirements came into force. The newsletter looks at:

• remediation – and how firms are often taking too long to present remedial plans, take corrective action and miss FCA deadlines. The FCA has identified a few causes for these failings;
• back reporting – which again is often delayed and leaves the FCA unable to trust data. It provides some cases studies that shows where firms have delayed their reporting and why; and
• breach notifications – the FCA received 241 of these during Q1 most of which were of good quality.