It would be easy to forget the significant impact Brexit will have on transaction reporting, but Market Watch 64 clearly signals that forgetting is not an option.
Following the release of latest newsletter, by the Financial Conduct Authority, Market Watch 64 directed towards MiFIDii Firms signaling the preparation for the end of the Brexit transition period, Point Nine is offering a helping hand.
” The temporary transitional power aims to minimise disruption for firms and other regulated entities at the end of the transition period. It allows firms time to adapt to new requirements from Brexit. But in some areas, applying the power would not be appropriate. One of these areas is transaction reporting rules under MiFID II. It is crucial that we receive these reports to ensure market oversight and the integrity of financial markets. So, 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.” Market Watch 64, FCA – August 2020.
If you are unsure how Brexit will impact your reporting obligations, Point Nine can help you navigate.
For further details on Brexit reporting implementation or support for meeting the deadline for your regulatory obligations by end of the transition period. In case of difficulty meeting the end of transition deadline (31 December 2020) Point Nine is equipped and ready to seamlessly support with back-reporting, quality assurance, reconciliation, and governance. Contact us
