Qomply Director Michelle Zak featured in AIMA Journal

Qomply’s Co-Founder speaks to AIMA Journal in an article entitled: ‘How to Attract the Attention of the Regulator’. In this article she lists the top ways to attract the regulators' attention, how to respond if they do make contact and how to stay off their radar.

“Over this past year, there has been a notable increase in regulators approaching firms about the quality of their Markets in Financial Instruments Directive (MiFID) transaction reports. It starts innocently enough with a gently phrased email from the regulator inviting the recipient investment firm to have a look at a specific area of their reporting.” Observes Michelle Zak, Co-Founder and Managing Director at Qomply.

Michelle continues to share her insights: “The email may seem harmless—perhaps suggesting that a particular field or area in the report wasn’t quite right. There’s no immediate sense of urgency in its tone or phrasing. Most firms might interpret it as a gentle nudge, signalling that something may have gone slightly off. The firm’s initial response might be, “How thoughtful of the regulator to reach out,” followed by a casual response like, “We’ll take a look,” or even, “Thanks for letting us know.”

“A critical mistake would be to respond with a tone that conveys a lack of urgency, or intent to thoroughly review the specific field or the entire reporting scope. The real misstep would be omitting clear timelines and concrete actions from the reply. That would be the nail in the coffin,” adds Michelle.

Read more here: AIMA Journal Q3 2024, Edition 139

About Qomply

Qomply empowers financial firms of all sizes to meet their regulatory transaction reporting requirements (MiFID, EMIR, SFTR, and ASIC) with best-in-class cloud-based technology solutions that are easy to use at affordable price points.

Our award-winning ReportAssure platform, powered by our proprietary assurance engine, delivers one of the most comprehensive arsenals of accuracy checks in the industry, ensuring our customers’ transaction reports are as complete and accurate as possible.

By offering affordable, modular subscriptions, we enable financial firms of all sizes to benefit from high-quality, regulatory reporting technology, choosing from a menu to suit all appetites.

For more information, please contact Qomply, on +44 (0) 20 8242 4789 or info@qomply.co.uk

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