Today, the FCA published Market Watch 64 and it is the shortest Market Watch ever. On the face of it, it appears to have nothing new to say. However, it does contain an important warning for firms that are struggling to be ready for the Brexit changes at the end of the year:
“..firms and Approved Reporting Mechanisms should comply with the changes to their regulatory obligations by the end of the transition period on 31 December 2020. Firms that are not able to comply fully with the regime immediately following the end of the transition period will need to be able to back-report missing, incomplete or inaccurate transaction reports as soon as possible.”
It would be easy to forget the significant impact Brexit will have on transaction reporting, but Market Watch 64 clearly signals that this is not an option. If you are unsure how Brexit will impact your reporting obligations, why not talk to Kaizen. Please contact us for further details on Brexit reporting implementation, our quality assurance, reconciliation, governance and training services.