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B E C O N F I D E N T T H AT YO U A R E C O M P L I A N TThe increasing focus by regulators on the accuracy and
comprehensiveness of a firm’s transaction reporting, as part of
the authorities’ efforts to combat market abuse, makes this a
very important element of the MiFID II legislation.
Failure to meet the transaction reporting requirements can
lead to significant financial penalties, as well as reputational
damage for both the firm and its responsible individuals,
particularly with the introduction of the FCA’s Senior
Managers’ Regime.
Under MiFID II, buyside investment firms can no longer rely on
their brokers to report their executions. They are responsible
for reporting themselves or are required to take advantage of a
much narrower exemption if they only transmit orders to MiFID
investment firms and satisfy certain other conditions.
E X T E N S I V E T R A N S AC T I O N R E P O R T I N G E X P E R T I S E TO A S S I S T YO U Whether you have identified reporting problems, are facing
regulatory action or simply require independent advice and
assurance on your current transaction reporting and/or trade
reporting arrangements, Duff & Phelps can assist. Backed by
our multidisciplinary Markets team, Duff & Phelps is renowned
as the leading regulatory advisor in MiFID I and II transaction
reporting and for providing practical, proportionate solutions
for firms in this area.
Over the last 10 years, our team has helped many financial
services clients around the world to build, develop and
future-proof their transaction reporting arrangements and
minimise regulatory risk.
The team has over 20 years of combined experience working in
the FCA’s Markets Reporting Team; as well as a former Head
of Department in FCA’s Market Policy & International Division
with responsibility for the FCA’s MiFID II Policy Project,
expert industry practitioners, and qualified audit staff who have
extensive experience in transaction reporting projects.
EFFECTIVE TRANSACTION REPORTING UNDER MiFID II
MiFID II has brought fundamental changes to European securities markets and its new transaction reporting rules exemplified the level of change. With all major asset classes now reportable and almost three times the number of mandatory fields compared to MiFID I, the data required to meet requirements has increased significantly. Through Duff & Phelps’ detailed knowledge and extensive experience in MiFID II transaction reporting, we can guide you safely through the challenges this regulation presents.
OUR RECENT AWARDS INCLUDE:
• Compliance Consulting Team of the Year, Women in Compliance 2017
• Best European Overall Advisory Firm 2016, HFMWeek
• Best Multidisciplinary Consulting Provider – UK 2015, Alternative Investment Awards
• Best European Advisory Firm for Regulation and Compliance 2014, HFMWeek
H O W D U F F & P H E L P S C A N S U P P O R T YO U
About Duff & Phelps
Duff & Phelps is the premier global valuation and corporate finance
advisor with expertise in complex valuation, disputes and investigations,
M&A, real estate, restructuring, and compliance and regulatory consulting.
The firm’s more than 2,000 employees serve a diverse range of
clients from offices around the world.
For more information, visit www.duffandphelps.com
© 2018 Duff & Phelps, LLC. All rights reserved. DP180000
M&A advisory, capital raising and secondary market advisory services in the United
States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Pagemill
Partners is a Division of Duff & Phelps Securities, LLC. M&A advisory and capital
raising services in Canada are provided by Duff & Phelps Securities Canada Ltd., a
registered Exempt Market Dealer. M&A advisory, capital raising and secondary market
advisory services in the United Kingdom and across Europe are provided by Duff &
Phelps Securities Ltd. (DPSL), which is authorized and regulated by the Financial
Conduct Authority. In Germany M&A advisory and capital raising services are also
provided by Duff & Phelps GmbH, which is a Tied Agent of DPSL. Valuation Advisory
Services in India are provided by Duff & Phelps India Private Limited under a category
1 merchant banker license issued by the Securities and Exchange Board of India.
QUALIT Y ASSUR ANCE
• Health check or annual assurance review of your transaction reporting arrangements
• Assisting firms and senior management gain assurance and confidence prior to signing/sending an attestation letter to the regulator
• Deep-dive reviews, audits and regulatory investigations
• Assistance preparing for regulatory visits and in identifying remedial actions in advance
• Independent data accuracy testing of all reporting scenarios, instruments and data fields
• Reviewing and enhancing controls to maintain accurate and complete counterparty, product, market and other reference data
COMPREHENSIVE SUPPORT
• Ongoing regulatory advice on transaction reporting, governance and broader regulatory reporting arrangements including apportionment of responsibility and accountability
• Drafting or reviewing policies and procedures, business requirements documentation, reporting logic, and data validation and exception handling controls
• Capturing and documenting the reporting requirements specific to your trading scenarios and product mapping across all systems
• Developing front to back quantitative and qualitative reconciliations of your transaction reports to the regulator as required under RTS 22
• Creation of a tailored test pack (transaction reporting scenario matrix)
• Preparing and delivering technical, regulatory and operational staff training across departments
IMPLEMENTATION/POST-IMPLEMENTATION SERVICES
• Technical advice, project management expertise and secondments to support implementation of MiFID II changes
• Post-implementation reviews to provide senior management with an independent assessment of the firm’s transaction reporting arrangements and control framework
We tailor our approach to the activities and processes of your organisation and assist with all aspects of MiFID II transaction
reporting, including:
I have been very impressed with the work undertaken by Duff & Phelps in helping us with a Transaction Reporting review.
The knowledge of the individuals we have worked with has been of a very high standard and they have quickly understood the complexities of our business and provided sound and pragmatic advice throughout the review.
Nick Bayley
Managing Director
London
+44 20 7089 4933
C O N TAC T U S :
Simon Appleton
Director
London
+44 (0)7713 367 928
Zach Johnson
Director
London
+44 20 7089 0854
Head of Compliance, Institutional Asset Manager
