SUP 17.2 1Making transaction reports
Transaction reports made through third party agents
1The FSA will treat a firm as acting in accordance with SUP 17.2.1 R in circumstances where the firm enters into a transaction with another person in the course of providing a service of portfolio management on behalf of one or more clients, provided it:
- (1)
enters into the transaction in the exercise of a discretion conferred on it by an investment mandate or does so having specifically recommended the transaction to its client;
- (2)
has reasonable grounds to be satisfied that the other person will, in respect of the transaction, make a transaction report to the FSA (or to another competent authority) which, as to content, will include all such information as would have been contained in a transaction report by the firm (other than as to the identity of the firm's client).
, regulated markets or MTFs
1A firm is relieved of its obligation to make a transaction report if the transaction is instead reported directly to the FSA by a trade-matching or reporting system approved by the FSA, or by a regulated market or MTF through whose systems the transaction was completed.
[Note: article 25(5) of MiFID]
Verifying that transaction reports will be made
1The FSA will expect a firm which seeks to rely upon the waiver in SUP 17.2.3 R to take reasonable steps to verify that transaction reports will be made in accordance with the standards laid down in this chapter and in particular should ascertain and remain satisfied that:
- (1)
the provider of the transaction reporting facility maintains an automated reporting system which the firm is able to access through the efficient inputting of transactions into the system;
- (2)
the terms of the agreement between itself and the relevant trade matching or reporting system, regulated market or MTF, make appropriate provision obliging the provider of the transaction reporting service to make transaction reports on its behalf;
- (3)
the arrangements provide for confirmation in each case that a transaction report has been made on its behalf.
Compliance by trade matching or reporting systems or MTFs with the provisions of this Chapter
- (1)
1The operator of a trade-matching or reporting system approved by the FSA, or the operator of an MTF or a market operator through whose systems a reportable transaction is to be completed and which has, pursuant to SUP 17.2.3 R, agreed to make transaction reports to the FSA on behalf of a firm, must:make reports to the FSA in respect of each transaction to which the agreement relates; and
- (2)
ensure such reports conform with the requirements of this chapter (both as to the time limits for making reports and as to content) as if it were the transacting firm.
- (1)
1A transaction report should distinguish each individual transaction, using the firm's identifying code.
- (2)
Reporting obligations under this chapter do not affect any obligation to report transactions under the rules of any market, trading system, matching or reporting system or exchange, whether or not that market, system or exchange is a regulated market.
Time period for making reports
1A firm must report the required details of the transaction to the FSA as quickly as possible and by not later than the close of the working day following the day upon which that transaction took place.
[Note: article 25(3) of MiFID]