Sit Down with Sophia Fulugunya
Qomply's Director of Transaction Reporting
10 January 2024
We caught up with Qomply's newly appointed Director of Transaction Reporting, Sophia Fulugunya to find out how her first few months in the role have been and what her industry predictions are for 2024.
JUST A FEW MONTHS INTO YOUR NEW ROLE AS DIRECTOR OF TRANSACTION REPORTING AT QOMPLY, HOW HAS IT BEEN?
Busy. Since joining Qomply, we have held roundtables on EMIR and MiFIR best practice as well as a webinar on governance and regulator expectations. Since the end of 2023 and the start of 2024, we have been experiencing a high level of interest from firms looking to conduct in-depth deep dives of their data. It has been a pleasure getting to know our existing clients and sharing Qomply’s services with prospective ones.
I have sought to share insights by drafting a number of articles on a wide range of hot topics including INTC and reconciliations.
WHAT HAS SURPRISED YOU MOST ABOUT WORKING AT QOMPLY?
The range of clients and variety of work. Over the past few months, I have had the pleasure of engaging with a wide variety of firms, from those submitting less than 20 transaction reports a year to ones with 100 million plus. It is one thing to understand the regulation, but being able to see the practical impact of the requirements on firms has been an eye-opener. From cost to resources and technical expertise – there is still a lot of work to be done.
This has also raised a number of questions for me: do the trade and transaction reporting requirements consider the impact on smaller firms? Is it fair to impose the same requirements on a one-man band and a full-blown orchestra?
WHAT IS IT ABOUT TRANSACTION REPORTING THAT EXCITES YOU?
The intricacies of data, the constant evolution of regulatory landscapes, and the challenge of ensuring compliance in a dynamic environment. I love diving into the details and finding innovative solutions to meet reporting requirements efficiently.
There's something deeply satisfying about seeing a firm's reports going from a 50%+ error rate at the initial onboarding to the Qomply platform to almost zero errors after only a few months.
WHAT ARE YOUR INDUSTRY PREDICTIONS FOR 2024?
Change! With the impending EMIR refit and ongoing discussions by both ESMA and FCA on changes to the current MiFIR regulations, I expect significant developments in the coming year. Specifically, there might be official announcements and potentially some public enforcement actions related to MiFID II.
In terms of broader industry trends, I anticipate a growing move among smaller firms to adopt more cost-effective transaction reporting alternatives, particularly through "managed services" solutions. We are already seeing this trend, brought on by heightened regulatory activity. Smaller investment firms, especially those with transaction volumes under 100,000, are actively exploring alternative avenues to meet their reporting needs.
At Qomply we have been responding to this trend through our managed transaction reporting service. Where we take on the entire transaction reporting process, offering comprehensive operational support. This includes everything from report creation and submission to daily monitoring and ad-hoc reconciliations. By assuming these responsibilities, we relieve clients of the necessity to maintain in-house technology, operational, and subject matter expertise in transaction reporting. This not only streamlines compliance but also makes it more manageable for smaller entities.
While the ultimate responsibility for reporting remains with the firm, our approach ensures that requirements are met daily. Clients are increasingly realising the cost-saving benefits of transitioning to Qomply's fully supported model, and we anticipate a surge in demand for such alternatives as regulatory scrutiny intensifies.
AND FINALLY, WHAT EXCITING DEVELOPMENTS CAN WE EXPECT FOR REGTECH AND FOR QOMPLY IN THE NEAR FUTURE?
As the regulatory environment becomes more intricate, RegTech is set for exciting advancements. At Qomply, we are focusing on developing and implementing innovative solutions to streamline and enhance transaction reporting processes reducing the enormous burden for firms.
In 2024 we will continue to introduce cutting-edge tools and approaches to simplify compliance for our clients. Our ongoing commitment is to make reporting not only compliant but also accessible and straightforward for all affected firms.
About Qomply
Qomply helps firms navigate the complex arena of regulatory compliance. With companies increasingly counting the financial and reputational cost of inaccurate reporting, there is a sector-wide need for reliable quality assurance. Using automated, granular analysis tools, Qomply’s unparalleled accuracy means that firms can get their reporting right the first time.
Our award-winning ReportAssure platform, powered by our proprietary assurance engine, delivers one of the most comprehensive arsenals of accuracy checks in the industry, ensuring our customers’ transaction reports are as complete and accurate as possible.
By offering affordable, modular subscriptions, we enable financial firms of all sizes to benefit from high-quality, regulatory reporting technology, choosing from a menu to suit all appetites.
For more information, please contact Qomply, on +44 (0) 20 8242 4789 or info@qomply.co.uk
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