Qomply Featured in AIMA Journal: How to Attract the Attention of the Regulator
Key Takeaways
- In the AIMA Journal, Qomply’s Michelle Zak highlights that MiFID II reporting errors are not just data issues, but clear indicators of weaknesses in governance and control frameworks.
- She points to recurring MiFID II issues, such as country of branch and timestamp precision, as evidence of systemic gaps across firms.
- Zak emphasises that firms must adopt a proactive approach to MiFID II reporting, with stronger monitoring and data governance to meet regulatory expectations.
Qomply Co-Founder Michelle Zak is featured in AIMA Journal (Edition 139) explaining how regulators approach firms about MiFID transaction reporting quality - and how to respond with urgency, governance, and clear remediation actions.
“Over this past year, there has been a notable increase in regulators approaching firms about the quality of their Markets in Financial Instruments Directive (MiFID) transaction reports. It starts innocently enough with a gently phrased email from the regulator inviting the recipient investment firm to have a look at a specific area of their reporting.” Observes Michelle Zak, Co-Founder and Managing Director at Qomply.
Michelle continues to share her insights: “The email may seem harmless- perhaps suggesting that a particular field or area in the report wasn’t quite right. There’s no immediate sense of urgency in its tone or phrasing. Most firms might interpret it as a gentle nudge, signalling that something may have gone slightly off. The firm’s initial response might be, “How thoughtful of the regulator to reach out,” followed by a casual response like, “We’ll take a look,” or even, “Thanks for letting us know.”
“A critical mistake would be to respond with a tone that conveys a lack of urgency, or intent to thoroughly review the specific field or the entire reporting scope. The real misstep would be omitting clear timelines and concrete actions from the reply. That would be the nail in the coffin,” adds Michelle.
Read the full article here: AIMA Journal Q3 2024, Edition 139
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.
Frequently asked questions
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Because many errors stem from underlying governance and system design issues, not just isolated data mistakes.
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Zak emphasised that recurring reporting errors are indicators of weak controls and that firms need more proactive, data-driven oversight.
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By strengthening data governance, implementing continuous monitoring, and addressing root causes rather than applying quick fixes.
Purpose-built solutions and services for regulatory reporting
Designed to improve accuracy, reduce risk, and support confident transaction reporting.
