Market Watch 65, published in September 2020 is the FCA’s third reminder to firms since April 2019 that they must have the appropriate systems, controls and oversights to ensure compliance with Transaction Reporting requirements. In their latest market newsletter, the FCA tells firms that they continue to identify issues with the quality of data being submitted these include issues relating to reporting transaction prices, inaccurate reporting of national identifiers, misreporting the contents of certain indicator fields, and the misuse of aggregate client account.
The FCA have repeatedly voiced concerns over firms failing to provide accurate and timely reporting, making it critical that PIMFA members avoid misreporting by continuing to review and improve their understanding of transaction reporting requirements.
This live and interactive 2 hour online learning session ensures compliance and operations professionals in your firm have the confidence in your reconciliations and the knowledge to spot mistakes early on.
What you will learn
Particular focus will be on the key areas PIMFA member firms have raised in recent working group meetings including:
- Current situation: EEA TOTV/uTOTV
- Brexit: Regime splitting in two (per current thinking)
- Identifying your counterparty
- Reporting your part of the chain
- Aggregation and allocation
Key report fields
A run through of key fields in the reports that have caused problems, including:
- Buyer/Seller decision-maker code
- Investment decision within firm
- Execution within firm
- FIRDS data gaps
- Determining reportability of OTC transactions
- Dealing with ARM rejections
- Requirement to ensure accuracy of reports
- Industry approach to this
- Sourcing data from the FCA
How will I learn?
This session is not your average webinar or ‘death by PowerPoint’ presentation. In the first hour we will review the FCA latest announcements, lessons learnt from fines alongside insights gained from recent Transaction Reporting Health Checks conducted by Bovill. The second hour of the session is dedicated to answering your specific Transaction Reporting challenges and issues. Run as a surgery, you will submit your question in advance of the surgery and in complete confidence to PIMFA. By having your specific questions answered in the surgery we want to help your firm prevent transaction reporting failings.
Who should attend?
Head of Transaction Reporting, Head of Reporting, Regulatory Reporting, Investment Operations/Controls & Compliance. Compliance and operations professionals involved with transaction reporting will also find this session a valuable learning experience.
Damon is an expert in global regulation for traded markets and post trade activities. Focussing primarily on Brokers and the Sellside, Damon helps clients to understand the impact of the growing regulatory burden on their business – including MiFID 2, EMIR, CFTC Swap Dealer, Mandatory Clearing, Bilateral Margin and the new global Prudential standards (SA-CCR and FRTB). In many cases this has included assisting with interpreting the extra-territorial impact of EU and US rules, for clients across APAC, South Africa and the Middle East.
Eoghan is a consultant who works predominantly with clients in the Capital Markets sector. He was part of Bovill’s efforts to assist its clients with preparation for MiFID II, advising firms primarily on the transaction reporting regime. As the MiFID II regime came into effect, Eoghan was seconded to an institutional asset manager, working with them on embedding compliant processes for the transaction reporting and post-trade transparency regimes. He is currently supporting firms that are assessing the efficacy of the reporting systems put in place during MiFID II preparations, helping them with reconciliations and accuracy testing. Beyond transaction reporting, his other areas of regulatory focus are CASS and Best Execution.