Are You Ensuring the Completeness and Accuracy of Your Delegated Transaction Reports?


The European Market Infrastructure Regulation (‘EMIR’) & the Markets in Financial Instruments Regulation (‘MiFIR’) trade and transaction reporting rules allow reporting entities to delegate their reporting obligations to a third party.

Obligation to ensure the accuracy of the data

Where a counterparty decides to delegate the performance of such obligation to a third party, they are required to ensure the details of their transactions are reported correctly and accurately (Art 9(1) of EMIR & Art 26(7) of MiFIR). In other words, the delegating firm still retains full regulatory responsibility to ensure the accuracy and completeness of transaction reports submitted on their behalf.

How can TRAction help its clients meet these obligations?

TRAction has developed a simple system for our clients to review and determine whether TRAction is meeting its obligations as a third party reporting delegate.

On a daily basis, TRAction provides its clients with a ‘handback’ or confirmation file including the details of the transactions that have been uploaded to the Trade Repository (“TR”) or Approved Reporting Mechanism (“ARM”).

These handback files are generated upon successful completion of the transaction uploads to the TR or ARM and are returned daily to the secure portal.

If you would like to know more about the process developed by TRAction, feel free to contact us.

Recent Articles: