• Doing business with the FSA
  • Being regulated
    • Reporting requirements
      • Transaction reporting
        • Managing Transaction Reporting
          • Request for sample transaction reports
          • Reference Data Synchronisation

Cancellations of pre-MiFID transaction reports

• If a pre-MiFID format transaction report is sent to the FSA before 5 November and then after 5 November a cancellation of this transaction report is sent in either pre-MiFID or post-MiFID format, this cancellation will be rejected by the FSA. This is because the FSA's systems will not accept cancellations of transactions in post-MiFID format where a post-MiFID format transaction report has not been submitted previously.
• Firms will need to contact their ARMs to determine whether these cancellations will be accepted by the ARM and then rejected by the FSA or whether they will be rejected by the ARMs in the first instance.
• We are aware that due to requirements of the firms' systems that it may be necessary for firms to submit these cancellations. We would therefore ask firms to submit these cancellations to their respective ARMs, but with the knowledge that they will be rejected by the ARM or the FSA.
• Firms will need to have in place processes to ensure that these rejected cancellations are not resubmitted.

Updates of pre-MiFID transaction reports

• The same process as described above for cancellations will apply for updates.