Guides

MiFID II Transaction Reporting: Top 5 Error Codes (FCA Data 2018-2024)

Published:11th February 2025

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.

Qomply helps financial institutions achieve accurate, compliant transaction reporting across global regulatory regimes, without the operational burden.

Our proprietary technology combines AI, automation and advanced data analytics to deliver scalable, audit-ready reporting intelligence. By identifying reporting issues, validating data quality and strengthening reconciliation, Qomply helps firms reduce errors, lower remediation costs and minimise operational and regulatory risk.

Our technology supports firms of all sizes across global reporting regimes, providing comprehensive quality assurance, accuracy and reconciliation capabilities.

For firms looking to reduce the demands on their internal reporting functions, Qomply also offers a fully managed service. Combining our technology with deep regulatory expertise, our Managed Services provide end-to-end support for daily, monthly or quarterly reporting obligations, giving firms greater confidence in the accuracy and compliance of their regulatory reporting.

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