Improving the UK Transaction Reporting Regime – MIFID Framework
The FCA have recently released a discussion paper about Improving the UK transaction reporting regime. In its monitoring of the UK transaction reporting regime (i.e. UK MiFIR and MiFID), the FCA has identified some areas requiring improvement in the regulatory framework. In particular, areas to focus on are around the data quality being reported and […]
Need to update Pre-EMIR Refit trades? Time is running out
Under the UK EMIR Refit regulations which commenced on 30 September 2024 in the UK, a 180 day (6 month) transition period was provided to allow for reporting entities to update their non-compliant (i.e. not compliant with EMIR Refit) trades entered into before the Implementation Date. This means the UK EMIR Refit old format (for […]
FCA Market Watch 81 – UK MiFID transaction reporting
The FCA has identified that there are still transaction reports that are being submitted incomplete and inaccurate. Although there has been an improvement in data quality since 2018 which has continued in a positive direction as more firms are acting to improve their transaction report data quality, there is more work to be done by firms. The […]
How do the end of year holidays affect your trade reporting?
Public holidays and bank holidays can have a major impact on trade and transaction reporting requirements, especially if you are an entity operating under multiple regimes. When there is a public holiday where the regulatory body (or regulated entity) is located, it is likely that the timing of report submissions will be extended commensurately. […]
LEI-only policy for ASIC reporting after October 2024
The ASIC Reporting Rules now provide that Legal Entity Identifiers (LEIs) are the only allowable entity identifier for all eligible relevant entities under the ASIC reporting regime. All LEIs used as entity identifiers for the reporting entity, counterparty 1 (and the central counterparty) will need to be duly renewed and remain valid at all times. A renewed LEI […]
Are You Making Regular Enquiries Into Your Trade Reporting?
Accuracy of reporting and delegate oversight – ASIC ASIC’s OTC derivative transaction reporting rules allow reporting entities to delegate their reporting obligations to a third party. In doing so, reporting entities are required to take all reasonable steps to ensure the completeness, accuracy and currency of the information reported (Rule 2.2.6 of the ASIC Trade Reporting […]
Interest Rate Derivative Trade Reporting
What is an interest rate derivative (IRD)? An IRD or interest rate swap is a derivative which is a contract between 2 parties that agree to exchange interest payments between each other based on fixed and floating interest rates. IRDs are typically forward contracts where the specific term dates and prices can be customised according […]
Reporting for ICAVs and SICAVs
What is an ICAV and a SICAV? ICAVs ICAV stands for Irish Collective Asset-Management Vehicle. ICAVs are a corporate structure created especially for the Irish funds industry – it may be listed on a stock exchange. It provides managers and promoters with a corporate structure that is designed specifically for investment funds and which is […]
Are products traded with a SI considered OTC?
A Systematic Internaliser (SI) is an investment firm that, when executing client orders over-the-counter (OTC), multilateral trading facility (MTF), or organised trading facility (OTF), deals on its own account in an organised, frequent, systematic and substantial manner without operating a multilateral system (see Article 4(1)(20) of MiFID II). Summary The question of whether an International […]
SFTR comes to the US: SEC’s Rule 10c-1a – Rules for securities loans
Rule 10c-1a’s purpose is to increase transparency and for the securities lending market to be more efficient. This is the US equivalent to the European SFTR regulation which requires the reporting of Securities Financing Transactions (SFTs) to trades repositories. The final rules have been effective since 2 January 2024 (Effective Date), however, of the various phases of […]