Qomply pre-empts market activity by welcoming FCA Regulator and Capital Markets & Regulatory Compliance professional Sophia Fulugunya onboard as Director of Transaction Reporting.
With the US still reeling from recent regulatory enforcement actions, the move is “seen by many as an indication of an anticipated increase in the level of regulatory activity in the transaction reporting space.”
Regulatory Technology firm, Qomply, confirmed the appointment of Sophia Fulugunya as Director of Transaction Reporting.
Sophia brings a wealth of experience “to her new role, having spent six years at the UK Financial Conduct Authority (FCA), where she specialised in MiFID II Transaction Reporting and Instrument Reference Data regimes.”
This news comes on the heels of a major enforcement action “in the US Financial Markets Regulators whereas three investment firms were fined over $50 Million for reporting failures.”
In the UK, there is evidence “to suggest that the FCA has become more active in engaging firms across issues such as the quality of their transaction reporting, market abuse, and surveillance.”
Several firms have already “received section 166 notices – one of the enforcement tools in the regulators toolbox that forces firms to engage in external oversight of their regulator obligations.”
Most firms dread receiving a Section 166 “as it means not only engaging with formalised external expertise but is also seen as a first major step towards formalised enforcement action that could lead to a fine or risk to business continuity.”
Michelle Zak, Managing Director at Qomply, said:
“Sophia’s appointment underscores Qomply’s dedication to providing quality oversight for all transaction reporting activity. Market participants will have access to a front-line expert in transaction reporting providing relevant guidance and insight. Sophia’s extensive background in transaction reporting, regulatory compliance, and financial services, particularly her experience with the FCA’s Markets Reporting Team, demonstrates her in-depth understanding of regulatory requirements and market dynamics. We are witnessing increased regulatory activity and Qomply is on the front-foot in ensuring our solutions and services are second-to-none.”
Data suggests that over 30pct of MiFID registered firms “have, over the course of this past year, undertaken at least one remediation project to correct the accuracy of their reporting.”
Data released by the FCA had previously “suggested that over 40pct of firms were not fully compliant with MiFID obligation in that they were not conducting reconciliation of their transaction data.”
Recent data now suggests that firms are more proactive in ensuring quality reports and Qomply has “seen improvement in the number of firms becoming fully-compliant.”
Regulations governing trade and transaction reporting “are inherently complex and ever evolving, and, from my experience, many firms still grapple to fully comprehend the requirements.”
Regulators will continue “to closely monitor firms’ ability to effectively implement these changes, making tools like Qomply’s invaluable for firms. Qomply’s technology, renowned for its precision and user-friendliness, empowers firms to have confidence that their reporting aligns seamlessly with the required standards.”
