MiFIR Reconciliation
As part of MiFIR/UK MiFIR, Investment Firms should have arrangements in place to regularly reconcile their front office transactions against data samples provided by their National Competent Authority (NCA).
What is EMIR 3? Is it the same as EMIR Refit?
Regulatory reporting is complex and with the numerous EMIR updates released by ESMA over the years, it can get quite confusing. Recently, the European Commission has published a proposal called EMIR 3. This new proposal might sound like a major update, however it is unrelated to the upcoming (April 2024) EMIR refit changes which affect derivatives trade reporting.
ASIC Final Rules for OTC Derivatives Reporting
After two consultation papers over more than two years, ASIC has released their final package of updated Derivatives Transaction Rules. ASIC’s reporting rules are being harmonised to global standards. ASIC has taken industry feedback into consideration and announced there will be a consolidated release to a single update, called the ASIC Derivative Transaction Rules (Reporting) 2024 […]
TRAction’s Easy Guide to LEIs
A Legal Entity Identifier (LEI) is a 20-digit alpha-numeric code based on the standard developed by the International Organization for Standardization (ISO).
Using Reporting Data to Enhance Internal Reconciliation
Often firms view complying with regulation as an obligation to avoid penalties and fines. However, have you considered how compliance can not only improve your business processes but add to your revenue as well?
Recent Regulator Scrutiny on Unpaired EMIR Transactions
We have recently seen regulators making enquiries to investment firms about pairing and matching discrepancies that have been identified in their reporting.
EMIR Data Quality Is Now A Regulator Focus
Since the introduction of transaction reporting, firms have spent significant proportions of their compliance budget on the initial implementation and ongoing technological solutions to ensure transactions are being reported to the regulators correctly and on-time.
Best Execution Best Practices
At its core, best execution is about outlining a set of rules and practices that require authorised financial services firms to seek the best possible result for their clients when executing their orders. The factors that need to be monitored encompass more than just price.
Do UK NFCs Trading With an Offshore Broker Inherit Their Reporting Responsibility?
Article 9(1)(a) UK EMIR requires non-financial counterparties (NFCs) who benefit from mandatory delegated reporting when trading derivatives with a financial counterparty (FC) to report both sides of their trades with NFC- entities, unless the NFC- entity has specifically requested otherwise. This reduces the burden on smaller non-financial counterparties.
CySEC Highlights Areas of Concern on EMIR Reporting in Circular C545
Following a series of reviews that the Cyprus Securities and Exchange Commission (CySEC) has recently carried out on EMIR data quality being submitted by Regulated Entities to Trade Repositories (TR), they outlined several areas of concern in Circular C545.