In 2019 NCAs imposed €88 million in fines under Market Abuse. Protect your organisation’s reputation with Complyport Tech’s unique solutions
The European Securities and Markets Authority (ESMA) has released its annual market abuse report for 2019 on 21st of December 2020. The report shows that National Competent Authorities (NCAs) and other authorities imposed a total of €88 million in fines related to 339 administrative and criminal actions under the Market Abuse Regulation (MAR). There is no doubt that there has been a significant increase in the number of penalties and enforcements in recent years across the global financial markets in the areas of market abuse. With a growing pressure to detect market abuse, ensuring compliance with MAR continues to be a pressing issue for many firms. It is imperative that firms carry out an in-depth risk assessment of their trading activities to understand and identify when and where they are most at risk of being used to carry out abusive market behaviour, whether this is market manipulation or insider dealing. With a proper understanding and identification of their risk, firms must ensure to implement appropriate trade surveillance systems to monitor and identify any suspicious trading behaviour to reduce the risk of market manipulation and fraud and protect their reputation. How can Complyport Tech assist you? Complyport Tech’s Trade Surveillance solution provides firms with the tools to monitor all trades and orders to identify potentially suspicious activity and behaviour. Our services include the technology and the consulting from our experts to provide your firm with a holistic solution for developing and executing a comprehensive and truly risk-based market abuse surveillance programme covering both market manipulation and insider dealing. For questions or to discuss how Complyport Tech can help your firm strengthen its trade surveillance, increase efficiencies through technology and ensure your regulatory obligations are met, contact us. You can also learn more about Complyport Tech’s Trade Surveillance Solution here.
Complyport Tech Named as One of the 100 Most Innovative RegTech Companies in the World for 2021
Complyport Tech, a leading and award-winning regulatory technology provider, is thrilled and honoured to announce that for the second consecutive year, it has been included in the RegTech100 list, an exclusive directory of the world’s most innovative RegTech companies for 2021 released by specialised research firm RegTech Analyst. RegTech100 identifies the world’s most innovative technology solution providers addressing the challenges of dealing with regulatory issues within the financial services industry. The 100 firms included in the 2021 directory were voted by a panel of analysts and industry experts from a list that included more than 1,000 different companies. Finalists were recognised for their innovative use of technology to either solve a significant industry problem or generate cost savings and/or efficiency improvements across the compliance function. Panayiotis Omirou, CEO of Complyport Tech, said: “We are delighted and proud to be included for a second year in a row in the 2021 edition of the world’s 100 most innovative RegTech firms. Receiving this global recognition is truly rewarding, a great achievement for Complyport Tech and an immense acknowledgement of our commitment to continuously provide state-of-the-art regulatory technology solutions, that enable our clients to meet their regulatory reporting requirements and achieve best results.” Mariyan Dimitrov, RegTech Analyst’s Director of Research, said: “Banks and other financial institutions need to be aware of the latest RegTech innovation in the market in order to avoid new compliance risks and stay competitive despite new regulations around customer onboarding and remote communication post-COVID-19. The RegTech100 list helps senior management filter through all the vendors in the market by highlighting the leading companies in sectors such as identity verification, risk management, communications monitoring, information security and reporting.” About RegTech100 The RegTech100 is an annual list of 100 of the world’s most innovative RegTech companies selected by a panel of industry experts. These are companies that all financial institutions need to be aware of as they develop their important RegTech and digital transformation strategies.
ESMA identifies Costs and Performance and Data Quality as new Union Strategic Supervisory Priorities
ESMA in its recent press release has identified costs and performance for retail investment products and market data quality as the Union Strategic Supervisory Priorities for NCAs in 2021. Under these Priorities, ESMA urges NCAs to undertake supervisory action, coordinated by ESMA in: costs and fees charged by fund managers improving the quality of transparency data reported under MiFIR. Regarding market data quality, a better understanding of the requirements by market participants could help to avoid poor and late reporting. Improving data quality is important to investors, market participants and regulators as reliable and timely data is needed to prevent and detect market abuse, provide transparency calculations and identify systemic and counterparty risk. The area of costs and performance is also a key part of investor protection. Unfair and disproportionate costs and fees can increase investor detriment and affect investors’ trust in financial markets. Investment firms and fund managers should ensure that costs and charges are reasonable and disclosed in a transparent and non-complex manner.
ESMA updates BREXIT statements
ESMA has announced the updating of three previously published statements in preparation for a no-deal Brexit scenario. The statements address the impact on reporting under EMIR and SFTR and on the operation of ESMA databases and IT systems after 31 December 2020, the end of the UK’s transition from the EU. The updated Statement on issues affecting EMIR and SFTR reporting, addresses the following topics: Ensuring on-boarding to EU TRs Cessation of reporting of UK counterparties to EU TRs and other pertinent issues Inter-TR Reconciliation TR and Counterparty recordkeeping Data Access by NCAs Portability of data from a UK-based TR to an EU TR and of data of UK TRs Aggregation of data by TRs Fees paid by trade repositories registered under EMIR and SFTR The Statement on ESMA’s Data Operational Plan, addresses the following topics: FIRDS (Financial Instruments Reference Data System) FITRS Transparency System DVCAP (Double Volume Cap System) Transaction reporting systems ESMA’s registers and data Communication to external stakeholders The updated Statement on the use of UK data in ESMA databases and performance of MiFID II calculations, addresses the following topics: Reference data Annual transparency calculations for equity and non-equity instruments Quarterly liquidity determination for bonds Calculations for SI determination DVC (Double Volume Cap) Ancillary Activity calculations Reporting participants can also refer to our recent comprehensive Brexit article to help them prepare for a no-deal Brexit.
Vote for Complyport Tech to WIN!
Vote for Complyport Tech as the Best RegTech Reporting Solution at the Finance Magnates Awards 2020! We are excited to announce that for the third consecutive year, Complyport Tech, has been shortlisted as one of the Top 3 RegTech firms, for the Best RegTech Reporting Solution category, at the Finance Magnates Virtual Summit Awards! Thank you to everyone who voted for us and we look forward to having your support for the second and final round of voting as well, which is now open for all the registered attendees of the summit! Only registered users may vote. If not registered yet, please follow the link here! The last day to vote is: 15 November We would be thankful to have your support!
ESMA Annual Work Program 2021: Data reporting and post trading
ESMA has recently issued its Annual Work Program for 2021 taking an active role in building a common supervisory culture among NCAs to promote sound, efficient, and consistent supervision throughout the European Union. DATA REPORTING Key objective: To improve the quality of reported data Mains outputs for 2021: Guidelines on EMIR Refit and revised validation rules Guidelines on SFTR requirements Review, enhancements, and implementation of DQAPs (Data Quality Action Plan) Q&As and opinions on EMIR Refit/MiFIR/SFTR/AIFMD data requirements. Draft RTS and ITS on reporting under MiFID II/MiFIR review Technical advice on the investment management legislation (i.e. AIFMD) related to reporting requirements. POST TRADING Key objective: Monitoring and contributing to the consistent implementation and application of EMIR Main outputs for 2021: Guidance on EMIR implementation regarding the clearing obligation and the bilateral margining requirements Guidance on EMIR implementation of the changes introduced under Refit Annual Report on supervisory measures and penalties under EMIR Reviewed and amended technical standards following the EMIR Review
Complyport Tech integrates with DTCC’s Global Trade Repository for ASIC Reporting in Australia
Sydney, 03 November 2020: Complyport Tech, the leading UK/EU regulatory technology provider, today announced that it has expanded its strategic collaboration with The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry. Under this enhanced partnership, Complyport Tech will serve as an aggregator of DTCC Global Trade Repository[1] (GTR) service data in Australia to help clients meet reporting obligations required by the Australian Securities & Investments Commission (ASIC). DTCC’s GTR is an industry-governed global trade reporting service, serving the operational and regulatory needs of Australia’s derivatives marketplace and is currently licensed as an Australian derivative trade repository (ADTR) by ASIC. Complyport Tech’s innovative reporting Platform offerings, now integrated with DTCC’s GTR for trade reporting in Australia, offers a fully-automated on-boarding process, allowing the uninterrupted transfer of existing regulatory data in any format. This enables a seamless migration of data from CME/Abide or from any other third-party providers, easily and effortlessly with zero time-gaps. Complyport Tech offers a comprehensive, cost-efficient and integrated solution with a 100% success rate that is delivered via a single platform along with the rest of the Polaris Platform offerings and the impeccable support services provided by an experienced and dedicated team of professionals. Mark Ellis, Business Development Manager of Complyport Tech, stated, “We are committed to offering state-of-the-art scalable solutions that simplify the way our globally active financial services clients meet their regulatory requirements without encumbering operational flexibility. By extending our collaboration with DTCC, we ensure that our clients operating in Australia will continue to enjoy a best-in-class and cost-efficient ASIC solution, delivered via a single platform along with the rest of Complyport Tech’s offerings.” Oliver Williams, Executive Director and a Regional Head of DTCC’s GTR Business for Asia added, “We are pleased to be collaborating with Complyport Tech to streamline client’s adoption and use of our GTR service in Australia and to facilitate ASIC trade reporting. As the licensed Australian derivative trade repository (ADTR) under ASIC, we look forward to continuing to serve this important market and our mutual clients.” To learn more about Complyport Tech’s services please click on our Solutions section. [1] Operating as DTCC Data Repository (Singapore) PTE Ltd (DDRS)
Vote for Complyport Tech at the Finance Magnates Awards 2020
We are excited to announce that for the third consecutive year Complyport Tech, has been nominated for the Best RegTech Reporting Solution at the Virtual London Summit Awards 2020! Voting Process All registered and approved registrations are eligible to vote. If yet to register, please follow the link. The first voting round closes on 6 November 2020. Please vote for Complyport Tech as the Best RegTech/Reporting Solution. We would be thankful for your support!
Is your T+1 reporting at risk? Are you facing problems migrating from CME/Abide? Complyport Tech’s MAP Switch can help you migrate on time.
Choosing the right RegTech provider to help you migrate your reporting is extremely important. At Complyport Tech, we realize this is a challenging task and for that reason we are ready to help. Have you attempted migration and came up against regulatory or technical issues? Are you facing delays with your porting date, putting at risk your T+1 reporting timeframe? If so, Complyport Tech’s pioneering technology, MAP Switch, can help you get it right and within the deadline. Having successfully migrated a significant number of clients from CME/Abide in a timely manner, we have identified and resolved a great number of issues firms experience when switching from one TR/ARM/Provider to another. To this end, we have developed MAP Switch, a fully automated on-boarding technology, process and support system that ensures a smooth, efficient and timely migration from any Trade Repository or third-party provider, while guaranteeing full transparency throughout the entire switching process. Seamless migration experience with MAP Switch service MAP Switch is a comprehensive, cost-efficient and integrated solution with a 100% success rate. It is delivered via a single platform along with the rest of Polaris’ offerings and backed by our experienced and dedicated team’s impeccable London-based support services. Complyport Tech is one of the first providers in Europe to have reported under EMIR, dating back to February 2014. With over 170 B2B clients, Complyport Tech has been awarded as the Best RegTech Reporting Solution for 2019 by Finance Magnates London and named one of the 100 most innovative RegTech companies in the world for 2020 by RegTech Analyst. BOOK AN APPOINTMENT TODAY to find out how you can easily switch over to Complyport Tech.
Complyport Tech appoints Mark Ellis to lead Business Development
Complyport Tech, a leading UK/EU regulatory reporting provider, has appointed Mark Ellis as its new Senior Business Development Manager based at their Lime Street offices at the heart of the City of London. With more than twenty years of experience in the post-trade banking and RegTech industries, Mark joins the UK operations of Complyport Tech to lead the company’s expansion in the UK and Western Europe. In this role, Mark will have at his full disposal Complyport Tech’s unique range of awarded products including solutions for EMIR, MiFID II/MiFIR, ASIC, SFTR, FATCA, CRS, Best Execution Monitoring, RTS 27/28 reporting, AI-Enabled AML Transaction Monitoring and Screening, Trade Surveillance (Market Abuse), and eKYC (Screening, eIDV, Document Authentication). Mark will also lead the regulatory reporting support team under one of the City’s top regulatory consultants, Complyport Limited – Complyport Tech’s strategic regulatory compliance partner in the UK. Prior to joining Complyport Tech, Mark worked for Citi Group, SwapsWire, the Depository Trust & Clearing Corporation (DTCC), CME/NEX Regulatory Reporting by Abide Financial and Markit. Among his many duties, he assisted in the creation and implementation of complex global regulatory, post-trade and workflow solutions for some of the world’s leading organisations. Additionally, he has in-depth knowledge of OTC derivatives and regulatory reporting including European, UK, US and APAC-related regimes involving tracking systemic risk and market abuse. Mark has also helped a wide range of start-ups grow to sizeable market share, expand their operations to new locations, and develop strategies for them to enter into different market areas.