About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Qomply and Bovill Team Up on Regulatory Audits

Subscribe to our newsletter

Qomply, a RegTech firm specializing in transactions reporting for MiFIR, SFTR and EMIR, has joined forces with global financial services regulatory consultancy Bovill to develop an end-to-end transaction reporting service for financial institutions.

Powered by Qomply’s technology, Bovill will streamline its HealthCheck services to provide clients with immediate feedback on the accuracy and completeness of their transaction reports and identify areas to strengthen. When requested, Bovill will complement these findings with an end-to-end review of the operating model, framework, governance and systems and controls as well as guidance through the remediation process.

With the maturing of MiFID II transaction reporting, regulators are expected to be less forgiving of issues now that firms have had to bed-in their solutions and processes. Recently, the FCA disclosed that 362 firms had submitted a transaction reporting errors and omissions notification to the FCA between January 2020 and the end of October 2020.

The FCA further disclosed that for the same time period, the FCA held visits, meetings or conference calls with 58 firms for the specific purpose of discussing transaction reporting under the Markets in Financial Instruments Regulation (MiFIR). According to Qomply, the firm routinely sees error rates of upwards of 25% on transactions already accepted by the FCA, urgently illustrating the need for action.

“The partnership with Bovill will offer our clients the comfort of having a team of regulatory experts on-hand to guide them through the increasing complexity of the regulations,” says Michelle Zak, Co-Founder of Qomply. “[We are] able to offer clients the ability and flexibility in determining when to escalate issues to a regulatory professional. This puts our clients in control of receiving the advice they require for trickier aspects of remediation and maintenance of sound operating models.”

Qomply’s Diagnostic Tool performs a matrix of roughly 1,000 rules and accuracy checks. Its Reconciliation module can be purchased separately from the other modules, enabling clients to independently reconcile transactions sent, from their front-office systems, to the regulator versus those received by the regulator.

“The partnership comes during a time where firms are seeking more efficient and productive solutions to their regulatory infrastructure,” emphasises Damon Batten, Practice Lead, Capital Markets at Bovill.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Market Abuse Regulation: How to Detect and Analyse Abusive Market Transactions

Date: 28 March 2023 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Market abuse is a potential problem for many financial institutions. It typically covers insider dealing, unlawful disclosure of inside information, and market manipulation, and is often difficult to detect and report in line with regulations such as Market Abuse...

BLOG

Clarity AI and LSEG Create Compliance Tool for Updated SFDR

Sustainability tech platform Clarity AI is providing the infrastructure and analytics behind a new tool that’s helping LSEG’s financial institution clients comply with European ESG reporting rules that came into effect this week. SFDR Reporting Professional Powered by Clarity AI has been created to enable compliance with the new Level 2 Sustainable Finance Disclosure Regulation....

EVENT

TradingTech Briefing New York

TradingTech Insight Briefing New York will explore how trading firms are innovating and leveraging technology as a differentiator in today’s cloud and digital based environment.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...