The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note provides an overview of the transaction reporting requirements that existed under the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I), which was replaced by the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) effective 3 January 2018. The Practice Note provides clear signposts to the relevant provisions of the FCA Handbook and other materials and requirements. It also considers the reasons behind elements of the transaction reporting regime, and outlines the scope, timing and content of reports and elements of enforcement.
MiFID I required all firms who execute trades in a principal or agency capacity in relation to a financial instrument that is admitted to trading on an EU regulated market to report transactions to their home country regulator (the Financial Conduct Authority (FCA) in the UK) by the end of the following business day of the transaction (known as T+1) and to keep all records for a minimum of five years. In the UK, the MiFID I transaction reporting requirements were implemented in Chapter 17 of the Supervision Manual (SUP 17) in the FCA Handbook and the Transaction Reporting User Pack (TRUP).
For further details of the MiFID II and MiFIR transaction reporting regime, see Practice Note: MIFID II & MIFIR—Transaction Reporting. For further
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Breach of statutory dutyThis Practice Note considers claims for damages for breach of statutory duty. For guidance on claims for damages for a negligent breach of duty of care outside a statutory duty, see Practice Notes:•Negligence—when does a duty of care arise?•Negligence—when is the duty of care
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