Objectives

The Markets in Financial Instruments Regulation (MiFIR) Level 1 text states, under Article 26(1), that investment firms that execute transactions in financial instruments shall report complete and accurate details of such transactions to the Competent Authorities as quickly as possible and no later than the close of the following working day, 23:59:59 UTC to be exact.

This one day workshop will provide delegates with review and discuss the significant challenges for how firms operating within the Regulatory Reporting Framework.

Seminar Content

MiFIR Transaction Reporting

The primary purpose of transaction reports is to detect and investigate suspected market abuse, insider trading and market manipulation. Review of a transaction report is a key part of any investigation into alleged market abuse reported to any national competent authority.

• Develop a greater understanding of the importance of Transaction Reporting
• Understanding for regulatory outcomes and practical implications for Transaction Reporting Oversight
• Identify scenarios of market abuse and the importance of Transaction Reporting to the prevention of financial crime.
• Explore what is changing with MiFIR Transaction Reporting including approach, field analysis and scenarios.

Interrogating MiFIR Transaction Reports

MiFIR Transaction Reporting for European Regulatory Authorities is key as a measure of European market integrity. It is important that the revised transaction reporting system works and provides regulators with a supervision and enforcement tool to ensure that the European Market remains a global leader in financial services.

• Examine the new reporting obligations for firms.
• Analyze some of the relevant fields.
• Explore how to navigate the ‘grey areas’ including client identifier and short-selling flag.
• Illustrate scenarios and seek to identify challenges with the MiFID approach to implementation compared to the MiFIR approach to implementing transaction reporting.

Operational Oversight & Assurance

The Markets in Financial Instruments Regulation (MiFIR) text states that investment firms who execute transactions in financial instruments shall report complete and accurate details of such transactions. This session will examine the key risks to operational oversight and provide assurance.

• Failure to submit accurate transaction reports has the potential to hinder the National Authority’s ability to detect and investigate suspected market abuse.
• Establishing an operational approach to ensuring compliance in the new regulatory environment.
• Exploring how firms manage outsourcing risk and due diligence with Third parties
• Managing Transaction Reporting Systems Changes

Regulatory Challenges and Governance

National Competent Authorities have issued enforcement fines, private warnings, notifications and communications on transaction reporting to industry. During this session, we will examine the UK’s Financial Competent Authority’s approach to the regulation of transaction and lessons learnt for national competent authorities implementing the new approach under MiFIR.

• Examine the MiFIR Regulatory Requirements including governance framework and controls, reporting data quality, assurance and testing guidelines.
• Summarise the business process operational risks and identify controls and frameworks to mitigate the risks.
• Explore areas of failure to submit accurate transaction reports, which firms need to consider in their regulatory assurance programs.
• Identify key oversight risks and the implication of the introduction of the Accountability Regime.