ACA Group report has found that a high number of firms surveyed were misreporting their transactions incorrectly under MiFIR with 87% of them unaware
A third party compliance consultancy – ACA Group have surveyed a number of MIFIR reporting firms and found 97% of their reports contained inaccuracies and 87% were confident in the quality of the reports they were submitting. Read more Almost all firms incorrectly reporting transactions under MiFIR, report finds (thetradenews.com)
Accurate and complete transaction reporting helps underwrite market integrity and allows UK & EU regulators to supervise firms and markets. In particular, transaction reports help the UK & EU regulators identify potential instances of market abuse and combat financial crime.
This latest survey on the quality of transaction reporting highlights the high incidence of inaccurate reporting and the lack of awareness of firms as to the data quality issues that they have.
In order to support clients to fulfil their legal obligations to make accurate and complete transaction reports, and to prove to the regulator that they have mechanisms for identifying errors and omissions within transaction reports.
UnaVista Analytics – Data Accuracy contains Alerts and Dashboards designed to highlight reporting errors. Data Accuracy contains a comprehensive suite of tools to simplify the steps a firm needs to take to demonstrate that it has control over its reporting process. All found within the UnaVista platform with no need to transfer data to third parties for review. Clients on the platform can monitor for high profile regulatory reporting errors and take proactive steps to remediate them.