SUP 17.3 1Reporting channels
1The reports of transactions in financial instrument shall be made in an electronic form except under exceptional circumstances, when they may be made in a medium which allows for the storing of the information in a way accessible for future reference by the competent authorities other than an electronic form, and the methods by which those reports are made shall satisfy the following conditions: |
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(a) |
they ensure the safety and confidentiality of the data reported; |
(b) |
they incorporate mechanisms for identifying and correcting errors in a transaction report; |
(c) |
they incorporate mechanisms for authenticating the source of the transaction report; |
(d) |
they include appropriate precautionary measures to enable the timely resumption of reporting in the case of system failure; |
(e) |
they are capable of reporting the information required under Article 13 of the MiFID Regulation in the format specified in SUP 17 Annex 1 EU required by the FCA and in accordance with this paragraph, within the time-limits set out in SUP 17.2.7 R. |
[Note: article 12(1) of the MiFID Regulation] |
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Methods of a firm reporting transactions either directly or through a third party acting on its behalf
Approval and monitoring of trade matching and reporting systems
1A trade matching or reporting system shall be approved by the FCA for the purposes of Article 25(5) of MiFID if the arrangements for reporting transactions established by that system comply with SUP 17.3.1EU and are subject to monitoring by a competent authority in respect of their continuing compliance. |
[Note: article 12(2) of the MiFID Regulation] |
1The approved reporting mechanisms2 are listed on the FCA's website at: http://www.fca.org.uk/firms/systems-reporting/transaction-reporting/approved-reporting-mechanisms.2
[Note: These systems will be listed following the approval of a trade matching or reporting system].
221Section 412A of the Act contains provisions which are concerned with the manner in which the FCA will carry out its approval and monitoring of trade matching or reporting systems.
Receipt of transaction reports by the FCA
1A report is made to the FCA when it is received by the FCA. The delivery of a report by a MiFID investment firm to a reporting person, channel or system by the close of the working day following the day of the transaction does not amount to the making of a report to the FCA.