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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;
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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
