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Mifid

Another large transaction reporting fine – £34.3M

The UK’s Financial Conduct Authority (FCA) has fined Goldman Sachs £34,344,700 for transaction reporting failures under MiFID I between 5 November 2007 and 31 March 2015. The issues cover 229.2 million transactions divided into:

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

The penalty notice can be found here. This follows a similar fine levied on UBS recently (see here).

In this case, 212.7 misreports arose from 11 errors, with the remainder arising from miscellaneous other issues. They are all detailed in Appendix II of the report.

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.

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