The French Financial Markets Authority (AMF) is campaigning to verify the quality of data in the MiFIR transaction reporting fields related to retail investors.
Article 26 of MiFIR introduces the identification of the end customer, whether it is a legal entity or a natural person, in the transaction report. This information can be used to detect market abuse, but also to scrutinize the behavior of retail investors, as the AMF regularly does as part of its mission to protect investors.
To this end, the AMF is running a campaign to improve the quality of data in areas related to private investors. The aim of this campaign is to remind people that this data must be accurate and filled in according to exact standards.
Investment Services Compliance Officers (RCSIs) and reporting groups are encouraged to familiarize themselves with this and review the quality of their disclosures on these matters.
As part of a data quality campaign related to the identification of retail investors in the MiFIR trade report, the AMF identified frequent errors related to:
- the identification code for private investors as buyers or sellers (e.g. CONCAT code for French natural persons);
- their name,
- their date of birth.
The AMF reminds that the reporting of transaction data must be complete and accurate, which means that the rules applicable to each sector should be strictly adhered to.