We would like to remind all CySEC Reporting Entities (REs) of their obligation to seek approval for a cancellation, correction or late submission in their MiFIR reporting after the T+1 deadline from CySEC before being (re)-submitted.
We explain below what you should do and what TRAction has implemented for its clients in response to CySEC’s circular.
Reporting of a breach/correction
CySEC is concerned that REs have cancelled reports that were already submitted, or submitted reports after the required T+1 deadline without first notifying CySEC.
REs are required to notify CySEC prior to when they:
- will cancel erroneous reports and not resubmit them;
- will cancel erroneous reports and resubmit them;
- omitted to submit reports in due time (T+1);
- wish to resubmit it after T+1 after a report was rejected; or
- will not resubmit it after a transaction report was rejected.
The notification should be made by completing and submitting the attached form to transaction.reporting@CySEC.gov.cy with the subject ‘Cancellations and Omissions Form’ BEFORE proceeding with any of the above mentioned actions and await for CySEC’s response before proceeding with the necessary corrective action.
TRAction prepares this notification form for its clients to send to CySEC. We also ask our clients to copy us in the notification email to CySEC so that we can submit the relevant corrections/reports and provide confirmation files to our clients as soon as CySEC approves the notification request submitted.
Quinn is co-CEO and founder of TRAction and focuses on assisting clients in Europe, Asia and Australia to meet their regulatory requirements with trade and transaction reporting solutions as well as development of the best execution platform. With a background in IT, Quinn started in the financial markets as IT Manager for City Index. He then co-founded and worked as a General Manager at one of Australia’s largest margin FX and CFD providers. Quinn has provided educational sessions to Australia’s regulatory bodies in relation to operational aspects of derivatives and trading platforms.