More than 1,000 investment firms fail MiFID II transaction reporting requirements

There were 1,335 notifications of transaction reporting submitted to the Financial Conduct Authority (FCA) in the first year of MiFID II, which came into force in January 2018, with firms struggling to get to grips with newer, more complex requirements, according to research from regulatory consultancy Bovill. The firm warned the figures only represent firms that "noticed they were in breach" of the new rules and "many thousands more firms are likely submitting inaccurate reports, but are not catching them and informing the regulator". While the FCA has signalled it will act with prop...