MiFID II Guide: The Silent Errors in Your MiFID Transaction Reports
Key Takeaways
- Identifies hidden reporting issues that can exist even in regulator-accepted submissions
- Explores common pitfalls such as late submissions, duplicate trades, and incorrect time precision
- Highlights data quality challenges including client static data, TVTIC, and country fields
- Emphasises the importance of reconciliation to detect inconsistencies early
- Supports compliance and operations teams in improving reporting accuracy and controls
This guide highlights the often-overlooked “quieter” issues that can exist within transaction reports, even when those reports have been successfully accepted by regulators. Acceptance does not always mean accuracy, and in many cases, firms only become aware of underlying reporting deficiencies when contacted directly by regulators.
Focusing on these less visible risks, the guide explores a range of common but critical problem areas. It examines late submissions and the regulatory implications of delayed reporting, as well as the presence of duplicate trades submitted with unique trade reference IDs, which can distort reporting accuracy. It also addresses trading time precision, a key requirement under MiFID II that is frequently mishandled.
In addition, the guide looks at challenges around the mapping of client static data and the importance of robust transaction reconciliation processes to ensure completeness and consistency. It highlights data quality concerns related to the Trading Venue Transaction Identification Code (TVTIC), as well as issues arising from unclear or incorrectly populated country fields.
Finally, the guide provides practical insight into resolving the commonly encountered CON-412 rejection code, helping firms understand its root causes and how to remediate it effectively. Overall, it serves as a practical resource for identifying hidden reporting weaknesses and strengthening the accuracy and integrity of transaction reporting frameworks.
How Qomply can help
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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Designed to improve accuracy, reduce risk, and support confident transaction reporting.
