Regulatory Reporting (Raptor)

Since their introduction in 1985, reporting guidelines for Undertakings for the Collective Investment in Transferable Securities (UCITS) have undergone several reforms to support the European Securities and Markets Authority’s (ESMA) objective to create a common regulatory and enforcement culture for the EU. But the changes made as a result of Brexit are not only supervisory but operational and administrative.

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With Brexit complete, MiFID firms must deal with two important implications: separate FCA reporting and treatment of the special class of instruments.

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With the end of the Brexit transition period on December 31, 2020, EU law no longer applies in the UK. For many financial services businesses, this new reality will pose significant challenges. It will affect how funds are marketed by EU fund managers in the UK, who will lose all passporting rights. This means EEA-based firms can no longer passport into the UK and EEA-based investment funds can no longer be marketed under a passport in the UK.

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Now that Brexit is complete, EMIR firms registered in the EU need to comply with jurisdictional requirements established by the European Securities and Markets Authority (ESMA), while EMIR firms registered in the UK must comply with jurisdictional requirements established by individual trade repositories (TRs), which will provide trade, position, collateral, and valuation reports to the Financial Conduct Authority (FCA).

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