30 November 2023
Qomply's Sophia Fulugunya features on the cover of November's Asset Servicing Times discussing how firms are struggling with MiFID II with research suggesting 50 per cent of firms are still not compliant. Sophia delves into some of the issues including late reporting, inaccurate data and under and over reporting and highlights the importance of regular reconciliations.
“Regulations governing trade and transaction reporting are inherently complex and, from my experience, many firms are still grappling to fully comprehend the requirements. This complexity has been heightened by recent reporting changes, such as those stemming from Brexit and the upcoming EMIR Refit. Nevertheless, it’s crucial to note that regulators will continue to closely monitor firms’ compliance with the current regime and their ability to effectively implement these changes.”
“Firms often contact us when they have received a nudge from the FCA’s MRT regarding errors and omissions in their transaction reporting,” says Fulugunya. “Thorough reconciliation is key to avoiding unnecessary regulatory attention, preventing the potential uncovering of issues in other areas of the business.”
Read more here: Asset Servicing Times, November 2023 Edition
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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