Poor data quality is a well-documented factor in the cost and risk associated with regulatory reporting.
Reporting Quality Assurance offers continuous and comprehensive verification of the integrity, structure, content and data quality of all trade and transaction reporting submissions. Allowing firms to rapidly identify, diagnose and resolve errors and omissions.
*[CFTC – Roadmap to Achieve High Quality Swaps Data – July 10, 2017 – To ensure the CFTC receives accurate, complete, and high quality data on swaps transactions for its regulatory oversight role].
[SFTR RTS Date: 31 March 2017 ESMA70-708036281-82 – “”ESMA understands that the draft technical standards under SFTR have to ensure a sound basis for achieving high quality data”].
A reporting ‘gatekeeper’ is a critical defence against poor data quality or incomplete report submissions, and is expected by certain regulators*.
Reporting Quality Gatekeeper is an independently maintained, trusted mechanism to avoid costly reporting mistakes and rejections. Rejections are a primary tool for regulators to monitor compliance.
*[CFTC Staff Advisory No. 15-66 – 12/17/2015 – Data Gatekeepers: Firms may want to use automated systems that perform verification processes to identify errors prior to reporting”].
[ESMA Technical Standards under SFTR – Date: 31 March 2017 – ESMA70-708036281-82 – “The reports related to rejection of SFTs and reconciliation status of SFTs will ensure that the authorities accessing the SFT data can have a timely and comprehensive view on the quality of the submissions of the relevant counterparties”].
Regulators require that firms shall have arrangements in place to ensure that their transaction reports are complete and accurate.
Reporting Completeness Assurance offers independent testing and control of reporting completeness. Continuous, intra-day validation to identify, diagnose and avoid over- or under- reporting, identify duplicates and monitor the integrity veracity of third-party submissions.
[ESMA MiFIR RTS22 – The methods and arrangements  shall include “mechanisms to avoid the reporting of duplicate[s]”, “mechanisms to ensure that [firm] only submits reports on behalf of those,  firms that have chosen to rely on [delegated reporting]”, “mechanisms to avoid reporting of any transaction where there is no obligation to report”].
Designed specifically for Buy-side firms who use delegated or assisted reporting under EMIR and MiFIR. Regulators require Buy-side firms to maintain oversight and control*.
Delegated Reporting Oversight supports proactive oversight and affirmation of delegated and assisted reporting. Verify that delegated reporting is accurate and complete. Reconciliation with Buy-side trade details provides peace of mind and regulatory compliance to delegating firms.
*[ESMA COMMISSION DELEGATED REGULATION (EU) 2017/104 of 19 October 2016 “obliges counterparties to ensure that data reported is agreed between both parties to a trade”].
Reconciliation is a fundamental pillar of reporting compliance. Regulators demand controls that substantiate the long-term accuracy of regulatory reporting data*.
Reporting Accuracy Assurance offers pre-configured and fully-maintained regulatory reconciliations. Directly integrated with leading reporting venues, supporting 2-way and 3-way reconciliations, based on the market-leading SmartStream TLM Premium® reconciliation platform.
*[MiFIR RTS22 Article 15 3. – “regular reconciliation of their front-office trading records against data samples provided to them by their competent authorities”]”.
Transparency is not an explicit requirement of regulators, however it is implied and necessary to achieve successful and sustainable compliance solutions.
Complete Reporting Transparency provides clients with unprecedented levels of reporting transparency – helping to identify exceptions and manage operational workflow for trade and transaction reporting in real time, using rich operational dashboards and data visualization.
NEW! Coming in 2018 – Regulatory Quality Heatmaps replicate the field level-scrutiny of global regulators.
Laser-focused on the reporting fields Regulators care about, and using the results from VALIDATETRADE and repository responses, these proactive field-level heatmaps provide a time-series view into clients’ data quality exceptions and a proactive management and regulatory reporting tool.
Quality [or the lack thereof] is the most enduring challenge of regulatory reporting. Missing data, incorrect formats, poorly constructed messages are a well-documented source of excessive cost and regulatory sanctions. We address this challenge head-on.
Reporting the correct trades, transactions, and lifecycle events is a key compliance requirement and breaches are difficult to identify and costly. Both over- and under-reporting can be identified and avoided using our Completeness Assurance solutions.
Regulators can only achieve their regulatory mandate if the data they monitor is an accurate representation of firms’ internal books and records. Regular (DAILY) reconciliation between repositories and regulators is a fundamental control requirement.
To achieve sustainable compliance, firms require complete transparency and awareness of their reporting activity and issues on a timely basis. Transparency enables the automation, offshoring, and outsourcing, while managing the risks that can’t be outsourced.
Sustainable compliance demands a long term view.
We are committed to maintaining the rules, best practices and conventions associated with global trade and transaction reporting – these include: Validation Rules, Reporting Eligibility, Reconciliation Matching Rules and Tolerances, Messaging Standards (FpML, ISO20022, etc), Market Integration, Transformation Rules, and more.
We work with our community of clients and partners to deliver pragmatic solutions built around this ‘Actionable Regulatory Intelligence’.
RegTek.Solutions’ mission is to be at the heart of the market’s transformation to sustainable compliance.
Targeting Quality, Completeness, Accuracy and Transparency, RegTek.Solutions mutualises the cost and shoulders the burden of tracking and implementing critical regulatory reporting solutions.
Working with all market stakeholders, RegTek.Solutions combines independent, market-validated actionable regulatory intelligence, with proven technologies, to offer pragmatic, modular solutions to financial institutions and intermediaries facing regulatory reporting challenges.
We call it Sustainable Compliance.