Regulations
Our ReportShield™ assurance services are tailored for a number of global trade and transaction reporting regimes, including SFTR, EMIR, MiFIR/MiFID II, Dodd-Frank and more.
Our ReportShield™ assurance services are tailored for a number of global trade and transaction reporting regimes, including SFTR, EMIR, MiFIR/MiFID II, Dodd-Frank and more.
The Securities Financing Transactions Regulation (SFTR) is an extensive set of requirements from ESMA. Article 4 – the reporting requirement – is due to go live in April 2020 for investment firms.
The regulation aims to improve transparency and reduce risks in securities financing markets; namely the repo, securities lending, buy-sellback and margin lending (prime brokerage) markets.
Firms trading securities financing products (financial and non-financial) must report details of all securities financing transactions to ESMA via a trade repository.
Our ReportShield™ quality assurance services are being adapted for SFTR reporting and include:
Transaction reports are a key tool for regulators to detect and prosecute market abuse – both market manipulation and insider dealing.Investment firms which execute transactions are required to report complete and accurate details of such transactions to the competent authority, no later than the close of the following working day.
The revamped version of the Markets in Financial Instruments Directive (MiFID) II, is designed to offer greater protection for investors and inject more transparency into all asset classes. The reporting obligation went live in January 2018. Some of the differences between MiFID I and II transaction reporting are:
Testing and reconciliations are mandatory under Article 15 of RTS 22 and the regulator has made it clear that its focus is firmly on data quality.
Our ReportShield™ quality assurance services are designed to specifically address Article 15’s requirements and include the following:
Register for our MiFIR Transaction Reporting Core Training courses
The European Market Infrastructure Regulation (EMIR) is an extensive set of requirements from the European Securities and Markets Authority (ESMA).
The regulation aims to improve transparency and reduce risks in derivatives markets.
Firms trading derivatives (financial and non-financial) must report details of all financial derivatives contracts to ESMA via a trade repository. This includes over-the-counter and exchange-traded derivatives.
Our ReportShield™ quality assurance services provide the controls you need to be compliant with EMIR trade reporting including:
We can also provide expertise in a range of areas including remediation of inaccurate EMIR reports as well as selecting a trade repository.
It’s not just transaction reporting under MiFID II that firms need to be compliant with – compliance with real-time trade reporting is expected by regulators too. It’s only a matter of time before there is greater scrutiny from regulators on Post-Trade Transparency reporting accuracy and potentially, the introduction of penalties or sanctions for incorrect reporting.
Articles 14–23 of MiFIR outline the transparency requirements and obligations for investment firms across asset classes as defined in Regulatory Technical Standards (RTS) 1 and 2.
Our ReportShield™ quality assurance services have been adapted to fit the requirements of RTS 1 and 2, providing you with the controls you need to demonstrate you are meeting your real-time reporting obligations.
The key services include:
The Dodd Frank Act (DFA) is aimed at improving transparency and reducing risks in derivative markets. It is a wide-ranging package of obligations on firms based in the US and in other jurisdictions relating to their internal and external business conduct, including reporting.
Firms trading derivatives must report details of swaps to the Commodities and Futures Commission (CFTC) via a swap data repository (SDR). This includes the primary economic terms and any event that affects the valuations or terms of the contract (Part 45) to allow regulators to monitor systemic risk. There is also an obligation on firms to report in real-time to provide transparency on pricing to the market.
Like EMIR, DFA covers over-the-counter derivatives but unlike EMIR it excludes exchange-traded derivatives.
Our ReportShield™ quality assurance services give you the ability to demonstrate appropriate controls over your reporting obligations. Features include:
We can also help you comply with your reporting obligations under other regulatory regimes such as HKMA, MAS, ASIC, FinfraG, and Canada reporting.
Our services have been developed for multiple regulatory regimes so you can be sure your reporting is accurate and complete no matter what the international regulation.
We can give you confidence in your reporting quality.
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