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FCA Reporting- we haven’t gone away

The FCA yesterday updated its transaction webpage with a reminder to all firms that trade reporting under EMIR does not replace its own reporting obligations. Firms should continue to submit FCA transaction reports using an Approved Reporting Mechanism (ARM) in accordance with SUP 17 of the FCA Handbook.

While this is merely a reminder of existing obligations, firms may be forgiven for thinking they are doing more and more reporting on the less and less they have time left to do. Without specific reference to any single regulator or legislation, there is to date scant evidence that the ever-rising paperwork burden is being put to any good use.

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