This episode explores Transaction Reporting under MiFID II and MiFIR, with a focus on the challenges firms face, the lessons learned from recent FCA enforcement action, and how upcoming regulatory changes may impact firms in the UK.

We delve into the importance of robust internal controls, dealing with errors and omissions, and the necessity for proactive reporting to the FCA. The conversation also highlights forthcoming changes to the reporting framework and practical advice for smaller firms on managing compliance more effectively and staying ahead of regulatory expectations.

Joining the discussion are Maria Fritzsche, Senior Policy Advisor at PIMFA, and Matthew Vincent, Managing Director at Kaizen, hosted by David Ostojitsch, PIMFA’s Director of Government Relations. As always, on PIMFA podcasts, our guests provide practical advice for PIMFA member firms of all sizes on improving their compliance efforts, focusing on maintaining accurate and complete reporting.

00:35 Overview of Transaction Reporting

01:06 Historical Context and Evolution

05:00 Challenges in Transaction Reporting

07:32 Error Detection and Control Frameworks

09:51 Regulatory Fines and Compliance

13:59 Advice for Firms and Best Practices

22:20 Future of Transaction Reporting

27:57 Conclusion and Final Thoughts