UK FSA Indicates BIC Codes are Needed for all Transaction Reporting Firms, Defers AII System Launch Indefinitely

This month, the UK Financial Services Authority (FSA) has indicated that transaction reporting firms under MiFID will need to obtain a bank identifier code (BIC) in order to be in compliance with wider European level regulations. Firms will have to apply to Swift for a BIC before they email the transactions monitoring unit (TMU) with...

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