The Financial Conduct Authority (FCA) has held an Industry Chat on Transaction Reporting on 18/11/2019.
During the meeting the FCA shared a set of observations regarding the most common inaccuracies and errors in reporting and offered guidance on how to report correctly.
The following areas were discussed:
reporting Price and Quantity for CFDs and spread-bets
reporting CFI codes with focus on immediate underlying
reporting client identifiers
The FCA has also reiterated the importance of RTS 22 Articles 15(2) and 15(3) regarding timely notification of discovered errors and omissions as well as requirements for completeness and accuracy of reporting and reconciliation against FCA data samples.
Control Now has reviewed highlighted topics and added required validations to enable clients meet their obligations.