MiFID II Transaction Reporting: Top 5 Error Codes (FCA Data 2018-2024)
Key Takeaways
- Highlights the top 5 MiFID II error codes that account for over 98% of all transaction reporting rejections according to FCA data.
- Explains common causes behind errors such as CON-412, CON-024, and CON-472.
- Covers key reporting challenges including instrument validation, cancellations, and duplicate transactions.
- Provides practical guidance on how to prevent and resolve errors using better controls and validation processes.
- Designed for compliance and operations teams looking to reduce MiFID II reporting errors and improve data quality.
Qomply’s MiFID II Transaction Reporting: Top 5 Error Codes guide provides a data-driven overview of the most common reporting errors impacting firms under RTS 22. Based on FCA data, it highlights how just five error codes account for over 98% of all transaction reporting issues, with CON-412 alone representing the majority of rejections.
The guide breaks down each of these key error codes, including CON-412, CON-024, CON-472, CON-023, and CON-025, explaining why they occur and the operational and data challenges behind them. It also outlines the regulatory implications of repeated errors, including what they signal about a firm’s systems and controls.
In addition, it provides practical guidance on how to prevent and resolve these errors, covering areas such as instrument validation, transaction lifecycle management, cancellation processes, and duplicate detection. It also highlights the use of tools and validation frameworks to improve data accuracy and reduce rejection rates.
Designed for compliance and operations teams, this guide helps firms reduce the burden of exception management, strengthen controls, and improve the overall quality and accuracy of MiFID II transaction reporting.
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.
Purpose-built solutions and services for regulatory reporting
Designed to improve accuracy, reduce risk, and support confident transaction reporting.
