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17th July 2020

FCA Updates Errors and Omissions Form for EMIR


The FCA has today updated its Error and Omissions form for EMIR.

One of the updates includes adding a section for the “Senior Management Function accountable for EMIR reporting”.

It also states;

“We request that firms complete and submit this form as soon as the breach has been identified, even if sections relating to the extent of the breach or the time it will take to remediate cannot be accurately given. If this is the case, firms should submit updated and complete forms once these details are known”

“For firms who have provided timeframes by which they intend to complete remediation of the reported issues, we request an update is sent to us by the stated dates.”

“For firms who are taking a multi-stage approach to remediation and have provided any dates by which the individual stages are expected to be completed, we request periodic updates are sent to us by the stated dates.”

“For firms who have been unable to fully answer any of the questions in the form, but have stated dates by which a complete answer will be available, we request that further information is sent to us by the stated dates.”

Control Now, founded in 2017, is a provider of transaction reporting assurance software tools to empower market participants to perform oversight of their regulatory reporting processes.