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MIFIR Automated On-Hold Procedure by Point Nine

2023-02-16 08:02:25

Point Nine provides comprehensive support to financial organizations in managing their regulatory reporting responsibilities with precision and efficiency. With a focus on ensuring compliance, the company has established an automated on-hold procedure that can be activated in the event of any failures. This measure helps to minimize risks and maintain the accuracy of reporting, making Point Nine a reliable partner in the challenging world of financial services.

With Point Nine, the automation of on-hold procedures ensures that trades and transactions are flagged automatically when a delay or error in reporting occurs. The system notifies clients of the on-hold status and gives them the option to either keep the trade on hold or force the reporting of the records. This streamlined process helps to mitigate risks and ensure compliance in the world of financial services.

The trade on-hold process calculates the next working day by country and automatically identifies trades that do not meet the T+1 reporting deadline and that these trades will be marked as on-hold, taking into consideration weekends and public holidays. The system will send daily notifications to the client regarding the status of the trade on hold until they will be ready to proceed.

An example of the on-hold process is provided below
Id Executed On Received On Reported On Weekend Notional Holiday On-Hold Flag
TRN 1 Monday T+0 (Mon) T+0 No No No
TRN 2 Monday T+1 (Tue) T+1 No No No
TRN 3 Monday T+2 (Wed) On-Hold No No Yes
TRN 4 Friday T+1 (Mon) T+1 Yes No No
TRN 5 Friday T+1 (Tue) T+1 Yes Yes No
TRN 6 Friday T+2 (Wed) On-Hold Yes Yes Yes

In the event of a reporting delay, the first step of the on-hold procedure is to identify the cause of the issue. This could be due to a variety of reasons, such as a technical glitch in the system, a missing or incorrect data point, or an internal error within the organization.

By default, the on-hold process will not be active and can only be activated upon request.

The next phase in the on-hold procedure involves informing the relevant individuals or entities about the problem that has arisen. This can encompass regulators and other stakeholders who could be affected by the delay. Efficient and clear communication plays a vital role in ensuring that everyone is aware of the situation and can address any questions or concerns they may have.

The next step of the on-hold procedure is to take the necessary action to resolve the issue. This could involve correcting any errors or missing data points, and updating the reporting system to resolve any technical issues. The goal is to get the on-hold trade back on track as soon as possible.

We believe this tool will help clients manage their current obligation under MIFIR to notifiy their NCA of any delays or errors in their transaction reporting process by providing them with clear notifications of the impacted trades. Point Nine will also extend the provision of this tool to our clients so that they are able to comply with the notification to the NCA as required under EMIR REFIT.

In conclusion, an effective on-hold procedure is a crucial aspect of any regulatory reporting process. By having a clear and well-defined process in place, organizations can minimize the impact of any reporting delays or errors and ensure that they are compliant with regulations. Whether dealing with clients, regulators, or internal stakeholders, clear and timely communication is key in ensuring that all parties are aware of the situation and that the necessary steps are taken to resolve the issue.

    Disclaimer: The content of this website is for general information purposes only. No other use of the content is permitted without the prior written consent of Point Nine. The content of the information found on our website is not comprehensive and does not constitute legal, financial, trading or regulatory advice. Although the information provided through the website is obtained through reliable sources, cannot substitute professional advice nor guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you. Point Nine accepts no responsibility for any loss whatsoever and howsoever arising which might occur from reliance by any person on the content of this website.