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EMIR, Mifid

UBS fined £27.6m for transaction reporting failures

The UK’s Financial Conduct Authority has fined UBS AG 27.6 million pounds sterling for transaction reporting infringements under MiFID I. The penalty notice can be found here. The fine relates to issues with  135.8 million transaction reports between November 2007 and May 2017. These can be divided into:

  • Missing reports
  • Incorrect reports
  • Reports that were out of scope (which is prohibited under MiFID)

In 2015, Merrill Lynch were fined £13.5 million for reporting failings under MiFID (see here). They were also fined £34.5 million in 2017 for EMIR reporting failures (see here).

While many in energy and commodities are not under the MiFID II successor legislation, most are within EMIR. This fine will therefore give a message to the market of increased vigilance on the part of regulators.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


One thought on “UBS fined £27.6m for transaction reporting failures

  1. And there SFTR expected to come in to force in 2020, which would include Securities Lending and Borrowing for commodities – which doesn’t seem to be on anybodies radar in the sector at the moment,

    Posted by Simon Davies | March 20, 2019, 9:19 am

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