A U.K. regulator, the Financial Conduct Authority (FCA), has settled a Markets in Financial Instruments Directive (MiFID) case against Goldman Sachs International (GSI), and has fined the firm £34,344,700 ($44,815,175) for 220-plus million erroneous transaction reports between November 2007 and March 2017. The FCA explains that its rules on transaction reporting emanate from the E.U.’s… Read More >>
UBS Fined $36M for MiFID I Reporting Errors
The U.K.’s Financial Conduct Authority (FCA) has fined UBS £27.6 million ($36,524,840.93) on charges that the Swiss financial services giant had transaction reporting failures when it attempted to comply with now-legacy MiFID I requirements. The fine covers nine-and-a-half years of alleged failings “relating to 135.8 million transaction reports between November 2007 and May 2017,” according… Read More >>
Firms Are Risking MiFID II Fines: Survey
Evidence is surfacing that some financial services firms have been risking big fines by failing to comply with the MiFID II reforms while a key U.K. authority is reporting that it has seen a 55 percent increase in MiFID II transaction reports. An integrated communications vendor, TeleWare recently released the results of a survey showing… Read More >>
Merrill Lynch Fined $45M for Derivatives Reporting Failures
The U.K.’s Financial Conduct Authority (FCA) has fined Bank of America — Merrill Lynch (BAML) £34.5 million ($45.7 million) for failing to report derivatives transactions between 2014 and 2016. The enforcement action — which relates to 68.5 million exchange traded derivative transactions — is the first of its kind against a firm for failing to… Read More >>
