The two recent FCA fines for transaction reporting breaches help demonstrate just how important having a sound understanding of the reporting requirements is. Regulators are relentless in their pursuit of complete and accurate transaction reporting and firms, and their senior managers, are at risk If they fail to meet the standards required. The MiFIR reporting requirements are extremely complex and training is an essential element in understanding these requirements and eliminating the errors in interpretation that lead to reporting breaches. The FCA has stated that it has received in excess of 1300 errors and omissions forms relating to transaction reporting and each one of these cases will result in a resource intensive back-reporting exercise. Effective training can help firms avoid the costs of back-reporting and dramatically reduce the risks of sanctions
With the FCA often citing a general lack of expertise around transaction reporting in the firm as a cause for reporting breaches, it is imperative that firms avoid simple reporting mistakes and costly enforcement action by training senior managers, accountable under SMCR and their staff in the interpretation of the reporting requirements.
This MiFIR Transaction Reporting Core Training Course addresses this concern by providing candidates with a thorough grounding on the reporting requirements.
In this practical half day workshop, former regulator and leading expert on MiFIR transaction reporting David Nowell provides you with a core understanding of the MiFIR transaction reporting requirements, the fields that comprise a transaction report and the key lessons learnt from recent FCA fines against firms.
This CISI CPD approved workshop includes an exam that will enable you to demonstrate your understanding of the transaction reporting requirements.
By the end of this workshop you will be able to….
- Avoid the common pitfalls made in recent transaction reporting failings
- Spot reporting mistakes.
- Understand legal entity identification and private individual identification standards
- Understand Instrument reference data standards
- Understand the expectations of the regulator around transaction reporting
- Verify the completeness, accuracy and timeliness of your transaction reports
- Define the entities which have a transaction reporting requirement, the instruments within scope and what constitutes execution of a transaction
- Confidently build a basic transaction report
Who Should Attend?
This half-day training workshop is primarily aimed at compliance and operations staff, but it will benefit anyone involved in the MiFIR transaction reporting process. Including:
- Compliance Managers
- Risk Managers
- Business Analysts
- Project Managers
- Transaction Reporting
- Back Office Professionals
David Nowell is a leading expert on MiFIR transaction reporting and EMIR trade reporting.
He has over 30 years’ financial services experience on both sides of the regulatory fence, having worked previously for the then FSA, Reuters, Credit Suisse and the London Stock Exchange (LSE). David was a Technical Specialist within the Transaction Monitoring Unit at the FSA, where he was responsible for shaping the transaction reporting rules and providing guidance to UK firms. David was the FSA’s representative on transaction reporting in Europe for a number of years and later became a member of ESMA’s Market Data Standing Committee Consultative Working Group.
After working ten years at the FSA, David became Head of Transaction Reporting at Credit Suisse. David also spent more than six years at the LSE where he was Head of Compliance for UnaVista. David is now a Senior Regulatory Reporting Specialist at Kaizen and designed and delivers the CISI/CPD accredited training course on the subjects of MiFIR transaction reporting and EMIR trade reporting.