On 25th July 2023 the FCA published its Market Watch 74 Here is a summary of the key points of this report. Reconciliations and Breach Notification:
The FCA reminds firms of their obligations for reconciling records, correcting reports, and notifying about transaction breaches.
The data depicts an increased number of firms requesting data extracts, while the number of firms requesting breach notifications has fluctuated since 2018.
Identification of Decision Makers:
Firms must determine those responsible for investment and execution decisions. Seniority shouldn't be the only determinant - practical involvement is key.
Complex Trades:
FCA notes inconsistencies and highlights the importance of adhering to ESMA guidelines.
Transmission Agreements:
The FCA encourages firms to ensure their arrangements of submitting transaction reports meet the requirements of Article 4 of RTS 22.
Inconsistent Notations:
Firms must be consistent in price and quantity notations, matching market conventions.
Transactions & Trading Venues:
Clarity provided on populating venue fields for off-exchange transactions.
Looking through the Chain:
Firms are reminded of the correct reporting protocols, especially concerning counterparties.
Reporting Instrument Details:
Emphasis on accurate and complete details for transactions in financial instruments.
If your business requires assistance with its regulatory reporting process don't hesitate to contact us at bd@control-now.com