The Financial Conduct Authority (FCA) has imposed its first-ever fine for MiFIR transaction reporting failures, penalising Infinox Capital Limited (£99,200) for failing to submit 46,053 transaction reports. This omission created a risk that market abuse could go undetected.
Nature of the Failure
- The missing reports covered single-stock contracts for difference (CFDs).
- The failure occurred between October 1, 2022 – March 31, 2023.
- The trades were executed through a corporate brokerage account, which accounted for most of Infinox’s CFD business.
Regulatory Breach
- Breach of Article 26(1) of MiFIR: Firms must report complete and accurate details of transactions by the next working day.
Why Transaction Reporting Matters
- Prevents market abuse.
- Ensures market & firm supervision.
- Provides essential data to regulators, including the Bank of England.
This case serves as a strong warning to financial firms about the seriousness of transaction reporting obligations under MiFIR and a reminder that the FCA is actively monitoring.
How Can Point Nine Help?
At Point Nine, we specialise in accurate and timely MiFIR transaction reporting.
Contact us today so that we can talk about strengthening your MiFIR transaction reporting processes.
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