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

'Many thousands more' could be non-compliant

clock • 2 min read

More than 1,000 investment firms were found to have fallen short of transaction reporting requirements under MiFID II in 2018, while experts warn "many thousands more" could be picked up by an increasingly vigilant regulator.

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...

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