The regulatory reporting handbook 2023: Regulatory updates, key trends and data challenges
The list of complexities associated with regulatory reporting continues to grow year-on-year. While reporting obligations have always been onerous for firms, market volatility, evolving supervisory expectations and inflationary pressures will only magnify the challenge in the months and years ahead. Changes in these areas, and especially the regulator’s enhanced focus on data, will certainly place…
Trade reconciliations: Common challenges and the role of automation
What is a trade reconciliation? Firms across the investment management industry perform trade reconciliations to verify daily trades against trade tickets, internal systems and external systems. Effectively reconciling these data points ensures every trade is accurately validated and reflected in profit/loss statements and balance sheets. Why are trade reconciliations important? Sound trading activity is the…
Transforming reconciliation processes at eToro
eToro, a leading global social investment network, faced operational challenges following a period of rapid growth. Their reconciliation processes were largely manual and performed in Excel, leading to inefficiencies and a heightened risk of error. As transaction volumes surged, they required an automated solution to reconcile payments from various Payment Service Providers with their banks…
MiFID II post-trade reporting: The importance of 3-way reconciliations
What is MiFID II? Following the G20 meeting in 2009, EU member countries agreed to increase the transparency of global financial markets through new regulation. This regulation became known as MiFID and, later down the line, MiFID II. The introduction of MiFID II meant that rules were harmonised not only for member states but also…
CASS compliance: The importance of good governance
Good governance is vital for compliance with CASS regulations, demonstrating suitable oversight of a firm’s internal systems and controls. One of many challenges facing firms is building a culture that promotes change and innovation, while also ensuring that governance processes adhere to regulations and prioritise the client’s best interests. The FCA frequently discusses these two…
The CASS compliance guidebook
…CASS 7 – Client Money rules CASS 8 – Mandates CASS 10 – CASS Resolution Pack CASS 11 – Client Money: Debt Management CASS 13 – Client Money: Claims Management…
Achieving Operational Resilience: AutoRek and OSS Consult
The FCA has placed greater emphasis on Operational Resilience over the past few years to ensure firms can withstand disruption and absorb shocks while still delivering key services. The regulator published a consultation paper on building Operational Resilience – CP19/32 – in December 2019. And, after multiple consultations, the final rules eventually came into effect…
End-to-end CASS automation solution
Ensuring our clients achieve compliance with CASS regulations is a driving force behind product development at AutoRek. For over a decade, our CASS platform has been the go-to solution to help firms meet the complex requirements of client money and asset rules. It’s specifically designed to help firms reduce compliance costs. Our automated CASS solution…
CASS 7: Best practices
CASS audits have changed over the past few years. They have shifted from substantive sample testing methods to a more control-based approach. This is widely considered more proactive because it challenges the suitability of critical controls underpinning a firm’s operational process. In past instances of CASS breaches – or where control has proved weak and…
CASS 6 client assets: Reconciliations and reporting
Under CASS rules, firms must implement the systems and controls required to meet obligations and maintain accurate records and accounts. This is particularly important in relation to safe custody assets held for clients. And recently, the regulator’s expectations for record-keeping and retention have become even greater. This is to ensure that controls are in place…