3 February 2021
Qomply, a leading transaction reporting RegTech firm, and Bovill, a global financial services regulatory consultancy, have announced a new partnership that will deliver a complete end-to-end transaction reporting service for financial institutions.
Powered by Qomply’s technology, Bovill will streamline their HealthCheck services to provide clients with immediate feedback on the accuracy and completeness of their transaction reports and identify areas to strengthen. When requested, Bovill will complement these findings with an end-to-end review of the operating model, framework, governance and systems and controls as well as guidance through the remediation process.
With the maturing of MiFID II transaction reporting, regulators are expected to be less forgiving of issues now that firms have had to bed-in their solutions and processes. Recently, the FCA disclosed that 362 firms had submitted a transaction reporting errors and omissions notification to the FCA between January 2020 and the end of October 2020.
The FCA further disclosed that for the same time period, the FCA held visits, meetings or conference calls with 58 firms for the specific purpose of discussing transaction reporting under the Markets in Financial Instruments Regulation (MiFIR). Qomply routinely sees error rates of upwards of 25pct on transactions already accepted by the FCA illustrating the need for action.
With the new demands of remote working and the drive for increased productivity and collaboration, firms have gravitated towards Qomply’s cloud-based technology. Bovill’s integration of the innovative Qomply technology into their services means clients benefit from an efficient and collaborative solution with the Bovill team of regulatory professionals standing ready to interpret the results and assist in remediation with the regulators.
Michelle Zak, Co-Founder of Qomply notes, “The partnership with Bovill will offer our clients the comfort of having a team of regulatory experts on-hand to guide them through the increasing complexity of the regulations. Qomply is able to offer clients the ability and flexibility in determining when to escalate issues to a regulatory professional. This puts our clients in control of receiving the advice they require for trickier aspects of remediation and maintenance of sound operating models.”
Damon Batten, Practice Lead, Capital Markets at Bovill says,” The partnership comes during a time where firms are seeking more efficient and productive solutions to their regulatory infrastructure. Qomply matches the Bovill ethos of delivering flexible, client-centric services, which is increasingly important at a time of significant challenges of new and evolving regulations.”
Qomply’s Diagnostic Tool performs a matrix of roughly 1,000 rules and accuracy checks thereby offering firms that added-level of due diligence and comfort in the assurance that their transaction reporting systems are working correctly.
Investment firms find Qomply’s modular platform an efficient and productive solution in addressing both their regulatory requirements and their budget constraints. The modular system empowers firms to select only the tools they require. Although most firms tend to use the suite of diagnostic and reconciliation tools together, the Qomply Reconciliation module can be purchased separately from the other modules. The module enables clients to independently reconcile transactions sent, from their front-office systems, to the regulator versus those received by the regulator.
Qomply is a leading regulatory technology firm specialising in advanced technology and automated services for transaction reporting accuracy and assurance – covering MiFIR, SFTR and EMIR.
Qomply’s flagship product, Transaction Report Diagnostic Health-Checker and Trade Reconciliation Suite, is a subscription-based, managed service that covers key aspects of the control framework for transaction reporting including comprehensive checks for accuracy and completeness, trade reconciliation, over-reporting, and detailed reference data checks. Firms conduct their own periodic comprehensive checks on their transaction reports - both before and after submission to the regulator – putting them firmly in control.
For more information, please contact Michelle Zak, Director, on +44 (0) 7985 440464 or firstname.lastname@example.org.
Bovill is a global financial services regulatory consultancy with offices in London, Singapore, Hong Kong, Chicago and New York. Bovill works with clients internationally on every element of regulation helping firms build projects to respond to significant regulatory change, or give them peace of mind they’re doing the right thing.
Bovill works with firms who are the focus of regulatory enforcement or scrutiny, as an adviser, and as a ‘skilled person’. Bovill advises start-ups, investors and acquirers on how regulation has an impact on their strategy.
Bovill provides advice to a diverse and international client base, including banks, investment managers, exchanges, central clearing counterparties (CCPs), central security depositories (CSDs), trading platforms, benchmark administrators, investment banks, specialist brokers and proprietary trading firms.
For more information, please contact Damon Batten, Practice Lead, Capital Markets, on + 44 (0) 20 7620 8440 or email@example.com.
Want to know more or just want to phone us up for a chat?
+44(0)20 8242 4789