On 25th of 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

 

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