What you should know about MiFID II Transaction Reporting
It was announced that the Financial Conduct Authority (FCA) has fined a large investment bank for misreporting more than 220.2 million transactions over a 9 ½ year period, the news comes less than a fortnight since a Swiss bank suffered the same fate. It is surely no coincidence that this penalty was handed out in the first quarter of the year that UK firms are starting to receive letters from the FCA’s Markets Reporting Team.
Under MiFID I a total of 13 financial services firms were fined, some among the largest investment firms in the world. While we don’t yet know what the penalties will under MiFID II, this feels like a different beast to the previous regime. In comparison, MiFID I now seems almost light touch and the breadth of the regulation and the accuracy required by the standards are way beyond what we have previously seen.
Join our MiFID II Reconciliations Breakfast Briefing
Rebecca Deane, Associate Director at Grant Thornton, will be joining us to give a broader outlook on where MiFID II is today and what the FCA are looking for.
During the session we will explain how AutoRek can assist your MiFID II Transaction Reporting requirements by building a robust control environment to become fully compliant and reduce the risk of being fined.