MiFID II Transaction Reporting Services Case Studies
Kroll is a leading advisor in providing practical and proportionate MiFID II/MiFIR transaction reporting solutions for the financial services industry. Our team of former regulators and industry practitioners have successfully delivered over 80 transaction reporting assignments in recent years to help clients build, develop and future-proof their transaction reporting arrangements. Our clients include, but are not limited to, investment banks, brokers, asset managers, trading venues and Approved Reporting Mechanisms (ARMs).
MiFID II Transaction Reporting Review of a UK Branch of a Large European Investment Bank
The Markets in Financial Instruments (MiFID II) Directive places considerable regulatory requirements on financial institutions trading in European markets. When the UK’s FCA instructed the UK business of a European investment bank with reviewing transaction reporting arrangements under MiFID II across multiple markets, Kroll’s team of experts was engaged to deliver the work.
Kroll was selected for several reasons: our deep understanding of MIFID II transaction reporting regulatory expectations and best practices in banking environments; prior experience delivering similar reviews; and our ability to interact effectively and efficiently with both the FCA’s Transaction Monitoring Unit and bank personnel.
- Interviewed desk heads, second line staff and senior managers to assess the products traded across the bank
- Mapped each trading scenario to regulatory requirements and identified breaches
- Established a transaction reporting steering group to monitor the review’s progress
- Trained front and back office staff on various aspects of transaction reporting to help mitigate against future issues
- Transferred knowledge to the bank’s risk function and central compliance function
As a result of Kroll’s work:
- The bank was able to submit a comprehensive report on the review findings to the FCA, clearly setting our remediation tasks and demonstrating that it was fully committed to control its transaction reporting obligations
- No further action was taken by the regulator against the bank following the report
- The bank now operates a robust transaction reporting framework which is compliant with MiFID II requirements
MiFIR Transaction Reporting
Transaction reporting assistance for EU funds.
Financial Services Compliance and Regulation
Local and global compliance expertise for the financial services industry.
UK Compliance Services
Comprehensive compliance and regulatory support for FCA authorized firms.
Regulatory Advice and Consulting Services
Assistance to develop, implement, and manage global compliance and regulatory consulting programs.