MiFID II introduced significant changes to transaction reporting with firms required to map data across many more fields and incorporate financial instruments newly bought into scope. For most, achieving successful reporting by the deadline was a challenge, and there were a host of teething problems across the industry.

So now that your new processes have bedded in, it is time to focus on the RTS 22 requirement to ensure that your transaction reports are complete and accurate. This must be done through regular reconciliation of your front-office trading records against data samples from the FCA.

What can Bovill do to help?

Combining Bovill’s regulatory expertise with an intelligent reporting solution, the healthcheck provides you with assurance on your entire transaction reporting process under MiFID II. In the future it will grow to encompass other regulatory reporting obligations and other jurisdictions.

The healthcheck is a comprehensive assessment of your transaction reporting process, covering:

  • a review of your end-to-end process, including any high-risk steps specific to your organisation and your documented policy and procedures
  • an assessment of your governance and oversight arrangements over transaction reporting
  • comprehensive analysis of your order management system data output against both the regulatory requirements and data received by the FCA. Using an intelligent solution overlaid with Bovill regulatory expertise and experience we will assess a sample of your data to check for:

Quality – are your reports correctly populated, formatted and structured?

Completeness – are you sending the correct reports, are you under or over reporting, or sending duplicates?

Accuracy – does the FCA receive an accurate view, matching your books and records?

The service will be managed by our experienced Bovill consultants who will provide you with:

  • a summary of the results of each of the steps outlined above, including a detailed breakdown of any errors and omissions in individual reports
  • a report of our overall findings and any recommendations for improvement.

Ongoing managed service

Once the comprehensive healthcheck is complete, we will have a thorough understanding of your transaction reporting process and a clear map of your order management system data to the software solutions. We can therefore repeat the quality, completeness and accuracy checks on your data without the need to revisit the other elements of the healthcheck (unless required), providing you with a cost-efficient way to get regular, independent assurance on your transaction reports.

As part of the ongoing managed service you will receive:

  • a dedicated relationship manager
  • periodic check of the quality, completeness and accuracy of a sample of your transaction reports
  • a summary of the results of each periodic check, including a detailed breakdown of any errors and omissions in individual reports.

The ongoing service can be provided at intervals that suit your business, be that monthly, quarterly or six-monthly.

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