PIMFA
Impact of Brexit on MiFID II Transaction Reporting
Post Brexit, UK Investment Firms continue to submit transaction reports via their Approved Reporting Mechanisms (ARMs) as before and the ARMs validate and forward the Transaction Reports to the FCA. The FCA is no longer required to submit Transaction Reporting data to the EU authorities.
The key difference in transaction reporting since 31 December 2020 is that the reference data for all MiFID instruments used to be sourced from ESMA’s FIRDS database and post Brexit is now sourced from the FCA’s own version of FIRDS.
Further information about transaction reporting post Brexit is available here on the FCA website.
- Approved Reporting Mechanisms (ARMs)
ARMs provide the service of receiving and validating transaction reports from Investment Firms and submitting them to Competent Authorities such as the FCA.
