Qomply's Sophia Fulugunya Discusses MiFID Compliance in Asset Servicing Times Cover Story
Qomply's Sophia Fulugunya features on the cover of November's Asset Servicing Times discussing how firms are struggling with MiFID II with research suggesting 50 per cent of firms are still not compliant. Sophia delves into some of the issues including late reporting, inaccurate data and under and over reporting and highlights the importance of regular reconciliations.
“Regulations governing trade and transaction reporting are inherently complex and, from my experience, many firms are still grappling to fully comprehend the requirements. This complexity has been heightened by recent reporting changes, such as those stemming from Brexit and the upcoming EMIR Refit. Nevertheless, it’s crucial to note that regulators will continue to closely monitor firms’ compliance with the current regime and their ability to effectively implement these changes.”
“Firms often contact us when they have received a nudge from the FCA’s MRT regarding errors and omissions in their transaction reporting,” says Fulugunya. “Thorough reconciliation is key to avoiding unnecessary regulatory attention, preventing the potential uncovering of issues in other areas of the business.”
Read the full article here: Asset Servicing Times, November 2023 Edition
How Qomply can help
Qomply helps financial firms achieve accurate, compliant transaction reporting across global regulatory regimes, while streamlining the operational and audit demands of regulatory reporting.
Our proprietary technology combines AI, automation and advanced data analytics to deliver scalable, audit-ready reporting intelligence. Through forensic-level quality assurance and streamlined reconciliation, Qomply helps firms strengthen data quality and reporting accuracy, automate controls, simplify audit processes and lower overall reporting costs.
Our technology provides greater oversight and operational efficiency while reducing the demands on internal teams.
For firms seeking to outsource their regulatory reporting operations, Qomply also offers a fully managed service. Combining our technology with deep regulatory expertise, Qomply Managed Services operates as an extension of, or alternative to, an in-house reporting function. This flexible model enables firms to outsource reporting operations while retaining the option to bring activities in-house as their own capabilities and resources evolve.
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