Qomply's Sophia Fulugunya Discusses MiFID Compliance in Asset Servicing Times Cover Story
Qomply's Sophia Fulugunya features on the cover of November's Asset Servicing Times discussing how firms are struggling with MiFID II with research suggesting 50 per cent of firms are still not compliant. Sophia delves into some of the issues including late reporting, inaccurate data and under and over reporting and highlights the importance of regular reconciliations.
“Regulations governing trade and transaction reporting are inherently complex and, from my experience, many firms are still grappling to fully comprehend the requirements. This complexity has been heightened by recent reporting changes, such as those stemming from Brexit and the upcoming EMIR Refit. Nevertheless, it’s crucial to note that regulators will continue to closely monitor firms’ compliance with the current regime and their ability to effectively implement these changes.”
“Firms often contact us when they have received a nudge from the FCA’s MRT regarding errors and omissions in their transaction reporting,” says Fulugunya. “Thorough reconciliation is key to avoiding unnecessary regulatory attention, preventing the potential uncovering of issues in other areas of the business.”
Read the full article here: Asset Servicing Times, November 2023 Edition
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Qomply’s Regulatory Reporting Hub combines regulatory expertise with AI, automation and data analytics to deliver scalable, audit-ready reporting intelligence that reduces errors, lowers remediation costs, and minimises operational and regulatory risk.
Covering regimes including MiFIR, EMIR Refit, SFTR, CFTC, CSA, MAS, ASIC and HKMA, Qomply also offers a fully managed service and operates globally from London.
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