Regulatory Focus is Changing
The rate of regulatory change is set to slow and Control Now believe this will allow for a period of reflection by regulators and reporting firms to assess the quality of implemented solutions.
Figure 3 – Regulatory change proposed but not approved
The European Securities and Market Authority (ESMA) have increased their spending year on year on their Data Management and Statistics activities to “Ensure the quality, integration, usability and transparency of the data” (ESMA, Dec 18);
|Data Management and statistics funding (Euros)||% Increase||Source|
|5,747,133||n/a||ESMA 2017 Work Programme|
|7,526,745||30.97||ESMA 2018 Work Programme|
|10,663,830||41.68||ESMA 2019 Work Programme|
Table 9 – ESMA budget for data management and statistic activities
CN believe there will be increased scrutiny taken on EMIR and MIFIR reporting by regulators in the coming years. As highlighted in recent sanctions, firms will be required to show they are meeting their assurance requirements.