REGULATORY & TRANSACTION REPORTING

Regulatory returns serve as pivotal tools for regulators, requiring completion by all firms. However, the intricate language of accounting terms involved often complicates the process. Errors in these reports not only reflect poorly on conduct and controls but also draw unwanted attention from regulators.

Understanding regulators' expectations, we aim to streamline regulatory reporting for you.

Our Reporting Services:

We offer comprehensive assistance in preparing and submitting all your regulatory returns, encompassing both financial and non-financial aspects.

Key Reporting Areas:

Reg Data and Connect Returns:

We tailor our services to your needs, whether it involves preparing all Reg Data & Connect returns or conducting an annual health check. For clients who have monitoring services provided by NRS this health check is included as part of the program.

COREP Reports:

For banks and CRD IV investment firms, compliance entails submitting various Common Reporting (COREP) returns. These encompass capital, large exposures, unencumbered asset, and liquidity returns, each comprising multiple schedules and requiring XBRL submission. We can assist with preparation from scratch or review calculations before converting to XBRL using specialized software.

AIFMD Annex IV Reporting:

AIFMs managing or marketing AIFs within the European Union or EEA are mandated to complete Annex IV reports.

We may be able to assist with other reporting requirements such as FATCA and related matters such as Automatic Exchange of information requirements including CRS.

With our tailored approach and in-depth understanding of regulatory requirements, we aim to simplify the regulatory reporting process, ensuring compliance while minimizing complexities for your firm.

Transaction Reporting

MiFID II brought about significant changes to transaction reporting requirements, necessitating firms to map data across numerous fields and include newly scoped financial instruments. Despite initial challenges, after three years, firms should now have confidence in the compliance of their transaction reporting processes. MiFID II mandates that firms verify the appropriateness of their processes, ensuring completeness and accuracy in transaction reports.

Under MiFID II, firms must have arrangements to guarantee the completeness and accuracy of their transaction reports, including testing of reporting processes and regular reconciliation of trading records with data provided by competent authorities. It's crucial for firms to ensure that the output sent to their Approved Reporting Mechanism (ARM) accurately reflects the reports received by regulatory bodies and that all transactions are reported as required.

Looking ahead, firms should design systems with compliance in mind, incorporating controls to detect errors before submission, prevent over or under reporting, and promptly escalate and address any issues.

NRS can arrange a comprehensive health check to provide assurance on the entire transaction reporting process under MiFID II. This health check includes:

Review of the end-to-end process, including high-risk steps specific to the organization, and assessment of documented policies and procedures.
Evaluation of governance and oversight arrangements for transaction reporting.
Analysis of order management system data output against regulatory requirements and data received by regulatory bodies, checking for quality, completeness, and accuracy.

Following the health check, NRS provides:

A summary of results for each step, detailing any errors and omissions in individual reports.
Overall findings report outlining recommendations for improvement.

Additionally, NRS offers an ongoing managed service, which includes:

Periodic checks of report quality, completeness, and accuracy.
Summary of results for each periodic check, including details of errors and omissions.

The ongoing service can be tailored to business needs, conducted at intervals such as monthly, quarterly, or six-monthly.

For advice on transaction reporting or to inquire about NRS’s health checks, contact us for assistance.