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Market Watch 59
01/04/19Completeness and accuracy testing FCA have reminded firms of their requirement for completeness and accuracy testing for transaction reporting. FCA have stated;
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GS – TRANSACTION REPORTING FINE
27/03/19Goldman Sachs fined £34,344,700 for failing to provide accurate and timely reporting relating to 220.2 million TRs between November 2007 and March 2017. (Reduced from £49,063,900). The summary of their misreporting is; 204.1 million inaccurate report 11 different issues - see attached. 9.5 million under reports 6.6 million over reports 15% of all reporting affected
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UBS – TRANSACTION REPORTING FINE
18/03/19UBS have been fined £40 million (reduced to £27.5 million) because “UBS breached the requirement for firms to submit complete and accurate transaction reports.”
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NO DEAL BREXIT AND TRANSACTION REPORTIING
13/03/19The FCA have published guidance for transaction reporting in the case of a no deal Brexit. We have summarised thee requirements here;
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UPDATE ON DIGITAL REGULATORY REPORTING
13/03/19This phase of work will focus on addressing some of the gaps identified in phase I, in particular understanding the economic viability of DRR and exploring how it could apply to different product groups.
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CYSEC report - exception management processes
28/01/19A circular from CYSEC has been released mentioning they are aware of EMIR reporting operational issues
