FCA fines Merrill Lynch for transaction reporting failings

On 23 October 2017, the FCA published the final notice  issued to Merrill Lynch International (Merrill Lynch). Merrill Lynch was fined £34,524,000 for failing to report exchange traded derivative transactions between February 2014 and February 2016.

This relates to a breach of Principle 3 (Management and control) of the FCA’s Principles for Businesses and Article 9 of European Markets Infrastructure Regulation (EMIR).

In its comments, the FCA said that this is the first enforcement action against a firm for failing to report details of trading in exchange traded derivatives under EMIR, and reflects the importance of reporting such activity to the FCA.