As we move away from the formative MiFID II years, it’s time to review how to improve reporting accuracy. For most companies, the nuts and bolts are in place for reporting MiIFID II and the focus can shift away from implementation issues (finally!). Part of that this shift involves implementing CAT (Complete, Accurate and Timely) reporting principles which align to:
- ESMA’s requirement in Article 26(1) of MiFIR which states that investment firms which execute transactions shall report “complete and accurate details” of such transactions.
- Mark Steward, FCA Executive Director of Enforcement and Market Oversight commenting on the FCA fining UBS AG £27.6 million for transaction reporting failures said, “Effective market oversight relies on the complete, accurate and timely reporting of transactions.”