Back Reporting
Take control of your back reporting with Control Now
Many firms need to back report
Back reporting is the process of submitting trade data and reports after the submission deadline has passed. The reasons behind the need to back report vary but typically come down to errors or omissions in the data requiring resubmission.
Submitting accurate data to the regulator is essential in ensuring compliance and maintaining a high standard of operational excellence.
As regulatory standards continue to evolve, it's vital that firms aim to stay ahead of reporting requirements.
Back reporting should be tackled at the earliest opportunity
Failure to comply with back reporting isn't an option, it's a legal obligation and regulatory authorities will expect accurate data to be submitted in a timely manner.
This means back reporting is a challenge that should be tackled at the earliest opportunity.
As back reporting is submitting financial or reporting data after a deadline, firms that do so can be met with a number of possible penalties, these include:
Fines or financial penalties
Increased attention from the regulator
Damage to reputation
Operational restrictions
Removal or suspension of licences
Loss of clients
The severity of the punishment is linked to the duration of the delay. The longer the delay, the greater the likelihood of a severe punishment highlighting the importance of delivering remedial action as soon as possible.
Prevention is better than the cure
Failing to comply with back reporting isn't an option, which means organisations must have a firm solution in place.
We know that back reporting can cause issues, which is why we've developed a comprehensive six-point approach to solve the problem once and for all.
Working with Control Now helps ensure you're one step ahead of your reporting requirements, meaning you'll never need to back report again!
Useful links
FCA (Financial Conduct Authority) - Transaction Reporting - https://www.fca.org.uk/markets/transaction-reporting
ESMA (European Securities and Markets Authority - SFTR Reporting - https://www.esma.europa.eu/data-reporting/sftr-reporting
Why entrust your back reporting to Control Now?
Regulatory experts
We have a team of regulatory experts on hand ready to guide you and ensure your back reporting requirements are met, fully.
Trusted data quality validation
Our automated data quality validation solutions make back reporting a breeze, ensuring you're compliant in no time.
Benefit from a tried and tested approach
The combination of our innovative reporting tools and expertise mean that you can back report with confidence, benefitting from our tried and tested approach.
Avoid back reporting issues in the future
With our innovative reporting solutions, you'll be one step ahead of your reporting requirements, ensuring you'll never need to back report again.
Do you want to take control of your back reporting?
We're experts in regulatory compliance and back reporting. Whether you're dealing with EMIR, MiFIR or MiFID II, we can help ensure you take control of back reporting.