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Market Watch 60
01/09/19Following on from the conviction of a UBS trader for insider dealing the FCA have released comment in Market Watch 60 on what anti money laundering and insider dealing. They give a statement on the controls firms should have in place and their approach to regulating/monitoring it.
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INSIDER DEALING FROM UBS M&A DEPARTMENT
27/06/192 people have been sentenced to 3 years in jail for trading CFDs in companies they knew were going to be acquired before it became public knowledge.
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FIA PUSHES TO SCRAP EMIR TRANSACTION LEVEL REPORTS FOR ETDs
27/06/19The FIA has suggested regulators should simplify reporting of derivatives under EMIR by only requiring position level records for ETDs.
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TR Accuracy Update (2.2)
24/06/194 new features, 5 new MiFIR MI reports, 22 new MiFIR validations and some system updates
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CONTROL NOW MAKES REPRESENTATION TO ESMA: MiFIR – ID FOR SWEDISH NATIONALS
17/06/19We have identified a discrepancy between the format of a SE Personal Identify Number (NINO) expected by the ESMA for MiFIR data reporting, and the format expected by the Swedish Tax Authority. The ESMA statement expects a 12 digit number; “12 digits numerical in the format CCYYMMDDZZZQ” However, the data which is provided by Swedish nationals is only 10 digits long, as confirmed by the European commission statement on Swedish tax numbers. CN have requested comment on the correct interpretation of the requirements. ** If you have a query on the interpretation of reporting requirements, please contact us **
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EMIR REFIT GOES LIVE
17/06/19EMIR REFIT went live on today (17th June 2019). There were some very small changes for reporting which we have highlighted here;
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EMIR Q&A UPDATE
13/06/19ESMA have made the following updates to their EMIR Q&A; OTC Question 3 – Calculation of positions for the clearing thresholds – Replaced TR Question 51 - Reporting obligation – New
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VALIDATION RULES FOR SFTR RELEASED
11/06/19ESMA have released their validation rules for SFTR
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SALEEM CAZENOVE JOINS CONTROL NOW
01/06/19Control Now are happy to announce Saleem Cazenove will be joining us as head of business development. He will be taking on the responsibility of managing Control Now’s market presence and supporting our product development and internal processes to ensure our clients receive the market leading TR Assurance product.
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ESMA CONSULTS ON FUTURE REPORTING GUIDELINES UNDER SFTR
27/05/19ESMA have released their draft guidelines on how to report securities financing transactions (SFTs) Public consultation process on the content of the document. Reporting start date: 11th April 2020 for credit institutions and investment firms
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USES OF MIFIR REPORTING DATA
24/05/19It was “a smoother than expected transition to the new regime,” Verena Ross, executive director at the European Securities and Markets Authority told a conference in Sweden last week. The “unprecedented” amount of new data collected meant that the regulator could conduct its first, deep analyses on the region’s fund industry and its derivatives markets. “A decade ago, before the crisis, [it] was simply not available,” she said.
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ESMA: 40% OF EMIR REPORTED SWAPS TRADES PROPERLY MATCHED
29/04/19The European Securities and Markets Authority data show a 40% matching rate at trade repositories for swaps trades reported under the European Market Infrastructure Regulation. Though the rate is higher than expected, market participants still question the value of dual-sided reporting.
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CN MAKES REPRESENTATION TO ESMA: MiFIR – ID for GB nationals
24/04/19CN have identified a discrepancy between the format of a GB National Insurance Number (NINO) expected by the ESMA for MiFIR data reporting, and the format expected by the HMRC.The ESMA statement of data format doesn’t allow for the following prefixes;
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MORE THAN 1,000 INVESTMENT FIRMS FAIL MiFID II TRANSACTION REPORTING REQUIREMNTS
10/04/19There were 1,335 notifications of transaction reporting submitted to the Financial Conduct Authority (FCA) in the first year of MiFID II
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Market Watch 59 Summary
01/04/19Completeness and accuracy testing FCA have reminded firms of their requirement for completeness and accuracy testing for transaction reporting. FCA have stated;
