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SUP 17.2 1Making transaction reports

Transaction reports made through third party agents

SUP 17.2.1R

1A firm may rely on a third party acting on the firm's behalf to make a transaction report to the FCA.

[Note: article 25(5) of MiFID]

SUP 17.2.2G

1The FCA will treat a firm as acting in accordance with SUP 17.2.1 R in circumstances where the firm enters into a transaction with another person in the course of providing a service of portfolio management on behalf of one or more clients, provided it:

  1. (1)

    enters into the transaction in the exercise of a discretion conferred on it by an investment mandate or does so having specifically recommended the transaction to its client;

  2. (2)

    has reasonable grounds to be satisfied that the other person will, in respect of the transaction, make a transaction report to the FCA (or to another competent authority) which, as to content, will include all such information as would have been contained in a transaction report by the firm (other than as to the identity of the firm's client).

2Approved reporting mechanisms2, regulated markets or MTFs

SUP 17.2.3R

1A firm is relieved of its obligation to make a transaction 2report2 if the transaction is instead reported directly to the FCA by an approved reporting mechanism2, or by a regulated market or MTF through whose systems the transaction was completed.

[Note: article 25(5) of MiFID]

2
SUP 17.2.3AG

2The regulated markets and MTFs that report transactions undertaken on their systems to the FCA are listed on the FCA's website at: www.fca.org.uk/markets/transaction-reporting/ice-futures-europe-form.

Verifying that transaction reports will be made

SUP 17.2.4G

1The FCA will expect a firm which seeks to rely upon the waiver in SUP 17.2.3 R to take reasonable steps to verify that transaction reports will be made in accordance with the standards laid down in this chapter and in particular should ascertain and remain satisfied that:

  1. (1)

    the provider of the transaction reporting facility maintains an automated reporting system which the firm is able to access through the efficient inputting of transactions into the system;

  2. (2)

    the terms of the agreement between itself and the relevant trade matching or reporting system, regulated market or MTF, make appropriate provision obliging the provider of the transaction reporting service to make transaction reports on its behalf;

  3. (3)

    the arrangements provide for confirmation in each case that a transaction report has been made on its behalf.

Compliance by2approved reporting mechanisms2 or MTFs with the provisions of this Chapter

SUP 17.2.5R
  1. (1)

    21The operator of , an approved reporting mechanism2, or the operator of an MTF or a market operator through whose systems a reportable transaction is to be completed and which has, pursuant to SUP 17.2.3 R, agreed to make transaction reports2 to the FCA on behalf of a firm, must:

    2
    1. (a)

      make reports to the FCA in respect of each to which the agreement relates;2

    2. (b)

      ensure such reports 2contain the reporting fields specified in SUP 17 Annex 1, where applicable; and2

    3. (c)

      ensure that, once received from the reporting firm, such reports are submitted to the FCA within the time limit for making reports.2

  2. (2)

    The obligations of the operator under this rule do not affect the liability of the reporting firm for ensuring the accuracy of the information contained in the transaction report that it submits to the operator.2

    2
SUP 17.2.6G
  1. (1)

    1A transaction report should distinguish each individual transaction, using the firm's identifying code.

  2. (2)

    Reporting obligations under this chapter do not affect any obligation to report transactions under the rules of any market, trading system, matching or reporting system or exchange, whether or not that market, system or exchange is a regulated market.

Time period for making reports

SUP 17.2.7R

1A firm must report the required details of the transaction to the FCA as quickly as possible and by not later than the close of the working day following the day upon which that transaction took place.

[Note: article 25(3) of MiFID]