Transaction reporting is a highly complex area that many firms struggle to fully understand and successfully implement, as has been demonstrated by a number of high profile enforcement cases. The Central Bank and current EU regulatory developments are putting further strain on firms to ensure that their transaction reporting procedures are watertight and that reports made are correct. Fines for transaction reporting failures lead to reputational damage and in many cases costly reviews as firms complete a root and branch review of their previous transaction reports to ensure completeness and accuracy.
Due to the regulatory changes and complexity of the instruments and how they are traded, specialist skills are required to review transaction reporting arrangements. MiFID II, changes to OTC derivatives reporting and enhanced business validation rules are all aspects that firms need to consider. As the Central Bank steps up its monitoring, the pressure is on firms to ensure their transaction reporting meets the “complete and accurate” demands of the Central Bank.
Whether you are facing Central Bank action or are simply unsure whether your current transaction reporting and procedures meet the required standards and forthcoming changes, Duff & Phelps can offer a highly skilled team to minimize the regulatory risk. Our transaction reporting specialists have a combined 30 years’ experience of working at the FSA’s Transaction Monitoring Unit combined with working in the industry.