ACA: 97% of Firms are Reporting Incorrectly Under MiFIR/EMIR

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  • 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.

However…

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