- 97% of reports under MIFIR/EMIR contain inaccuracies
- On average each report has 30 separate error types
- Despite this, 87% of firms are confident in the quality of their reports
- On the anniversary of EMIR REFIT, data quality is still poor
New research from governance, risk, and compliance (GRC) advisor ACA Group into the accuracy of transaction reporting under MIFIR/EMIR has shown that 97% of firms reviewed are currently reporting incorrectly.
The research shows that most firms (87%) are confident in the quality of the reports that they submit to regulators via Approved Reporting Mechanisms and Trade Repositories under MiFIR and/or EMIR, with many assuming that no direct contact from the FCA means that all must be well.
- Scott Porter