Introducing QomplyDirect: Send MiFID II Transaction Reports Direct to the FCA (No ARM Required)
A first-to-market solution that enables firms to send their transaction reports directly to the FCA – gaining control; shedding costs.
QomplyDirect enables UK investment firms to send MiFID II transaction reports directly to the FCA -bypassing the ARM - while managing enrichment, validation, quality assurance, and submission workflows in one platform to reduce operational effort and reporting costs.
“Fines for non-compliance are becoming more frequent and more economically material for firms”, notes KPMG in their RegTech Report released in December 2022.
Qomply is delighted to announce the launch of QomplyDirect – an integrated solution for firms wanting to take control of their transaction reporting and their costs. QomplyDirect is disrupting the market by enabling firms to send their reports directly to the FCA eliminating the need for an ARM.
Enrichment, validation, quality assurance, and the entire end-to-end submission process is managed by the firm itself, through one platform – QomplyDirect. This full-service solution allows firms to regain control of their reporting and bring all processing under one roof, without the cost or complication of engaging an ARM. QomplyDirect is user-friendly, reliable and cost-effective.
Michelle Zak, Co-founder of Qomply says: “QomplyDirect is the first platform in the UK market that enables you to send your trade reports directly to the FCA, bypassing the ARM, giving firms more control in managing their transaction reporting and the associated costs. QomplyDirect consolidates and streamlines the transaction reporting processes and can deliver significant cost savings. Certainly, for back-reporting large volumes of data, QomplyDirect removes extra ARM fees by offering the flexibility of sending reports directly to the FCA via a firm’s own infrastructure.”
Developed with input from five leading financial firms, QomplyDirect offers various options from a staged migration to a full end-to-end service. Firms wishing to undergo a staged migration can continue using the ARM to submit their data in conjunction with QomplyDirect as it connects directly to most leading ARMs. To simplify the process, users are able to monitor report status through one portal – QomplyDirect.
For firms wishing to implement a completely “hands-off” solution, QomplyDirect can be used in conjunction with QompyEngine that will take raw trade files directly from a drop point, create the transaction report on behalf of the firm and then enrich, filter, validate and send. Large data volumes can be managed effectively via the Qomply API.
QomplyDirect is a full-service solution for firms wishing to retain control of their reporting and eliminate the requirement for an ARM.
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.
MiFIR | EMIR | SFTR | CFTC | CSA | MAS | ASIC | HKMA
Frequently asked questions
Yes. Under MiFIR Article 26(7), firms are permitted to submit transaction reports directly to the FCA instead of using an Approved Reporting Mechanism (ARM).
QomplyDirect is a platform that enables firms to manage the full transaction reporting lifecycle in one place - handling enrichment, validation, quality assurance, and submission - before sending reports directly to the FCA.
Direct reporting gives firms greater control over their data and processes, reduces reliance on third parties, and can significantly lower costs by removing ARM and back-reporting fees.
Purpose-built solutions and services for regulatory reporting
Designed to improve accuracy, reduce risk, and support confident transaction reporting.
