Zach Johnson Featured in Thomson Reuters

Zach Johnson, Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, was featured in an article by Thomson Reuters discussing the impact of Brexit on EMIR/MiFID II trade and transaction report sharing.

UK and EU firms' reporting obligations are set to increase in complexity and cost, because the UK will effectively be running a parallel, but separate, regulatory regime. Firms will pour more resource into reporting that is less effective from a regulatory perspective. UK firms and venues will have more MiFIR reporting obligations to the FCA for example, venues will have to report transactions on their venue by European Economic Area (EEA) firms as they will become third-country firms and will not have an obligation to report to the FCA. Double reporting is on the cards for some firms. UK branches of EEA firms must send transaction reports to the FCA's Market Data Processor (MDP) in the same way as UK branches of non-EEA firms do today. They will also need to report to their home NCA.

"The data will be the same, but all that's happening is an increase in volumes of reports, as firms may be required to report to both home and host state regulators. [Regulators] could get around that by the EU and the UK agreeing to continue using TREM. TREM could avoid that double reporting, because data can continue to be shared between European authorities," said Zach.

Read the full article here.

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