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.