MiFID Regulatory Reporting

The European Union designed a legal framework called the Markets in Financial Instruments Directive (MiFID) to regulate financial markets and safeguard investors. In order to comply with MiFID regulations, asset managers must provide various reports and disclosures to regulatory bodies.

When to file MiFID

MIFID reports must be filed at the pre-trade and post-trade stages. Pre-trade reports include details about the instrument, price, quantity, and clients. Post-trade reports are generated following trade execution and must be submitted within a specific time period after settlement. The type of asset manager and the financial instruments exchanged may both affect the precise timing and frequency of MiFID submissions.

Challenges of MiFID Filing

1. The complexity of Regulatory Reporting Requirements: MiFID regulations are complex and subject to change, which can make it difficult for asset managers to stay updated and ensure compliance.
2. Data Management and Integration: Asset managers routinely need to collect, manage, and integrate vast amounts of data from different sources for MiFID reporting. Data quality, accuracy, and consistency are critical factors for success in regulatory reporting.
3. Timely Regulatory Reporting: Meeting regulatory reporting deadlines can be a problem, especially when dealing with multiple jurisdictions and a large asset class spread. This leads to a wide variety of reporting frequencies and complex regulatory reporting requirements to manage.

How the IVP Regulatory Reporting Solution Can Help

• Ensures data accuracy, consistency, and completeness, reducing the risk of errors
• Supports data enrichment and transformation, ensuring data quality
• Delivers alerts and notifications for regulatory reporting deadlines
• Offers a centralized platform for monitoring and tracking MiFID reports
• Ensures MiFID reports are compliant with the latest requirements
• Provides regular updates to reporting rules, technical specifications, and formats
• Automates trade data capture, validation, reconciliation, and reporting to the trade repository

MiFID and IVP Managed Services

Combining IVP Managed Services with the IVP Regulatory Reporting Solution can reduce the time asset managers spend on MiFID regulatory reporting by more than 90%. Our team takes responsibility for data sourcing, data cleansing, template creation, form population as per the required logic, comparison of questions with the previous period, and first-level approvals. Asset managers simply provide final approval. In addition, our team of business and compliance analysts is available to work directly with regulators to address any discrepancies in reporting interpretations.