Qomply pre-empts market activity by welcoming FCA Regulator and Capital Markets & Regulatory Compliance Expert Sophia Fulugunya onboard as Director of Transaction Reporting.
With the US still reeling from recent regulatory enforcement actions, the move is seen by many as an indication of an anticipated increase in the level of regulatory activity in the transaction reporting space.
Award-winning Regulatory Technology firm, Qomply, is delighted to announce the appointment of Sophia Fulugunya as Director of Transaction Reporting. Sophia brings a wealth of experience to her new role, having spent six years at the UK Financial Conduct Authority (FCA), where she specialised in MiFID II Transaction Reporting and Instrument Reference Data regimes.
This news comes on the heels of a major enforcement action in the US Financial Markets Regulators whereas three investment firms were fined over $50 Million for reporting failures. In the UK, there is evidence to suggest that the FCA has become more active in engaging firms across issues such as the quality of their transaction reporting, market abuse, and surveillance. Several firms have already received section 166 notices – one of the enforcement tools in the regulators toolbox that forces firms to engage in external oversight of their regulator obligations. Most firms dread receiving a Section 166 as it means not only engaging with formalised external expertise but is also seen as a first major step towards formalised enforcement action that could lead to a fine or risk to business continuity.
"Sophia’s appointment underscores Qomply's dedication to providing quality oversight for all transaction reporting activity. Market participants will have access to a front-line expert in transaction reporting providing relevant guidance and insight. Sophia's extensive background in transaction reporting, regulatory compliance, and financial services, particularly her experience with the FCA's Markets Reporting Team, demonstrates her in-depth understanding of regulatory requirements and market dynamics. We are witnessing increased regulatory activity and Qomply is on the front-foot in ensuring our solutions and services are second-to-none." added Michelle Zak, Managing Director at Qomply.
During her tenure at the FCA, Sophia sat on the front-line within a pivotal role in the Markets Reporting Team, focusing on the review of more than 400 notifications of errors and omissions from a diverse range of firms, including major investment banks and smaller entities. Her responsibilities extended beyond error reviews, encompassing in-depth analysis to ensure the accuracy of transaction reports. Sophia also contributed to drafting industry insights for Market Watch articles and assisted firms with onboarding processes using the FCA's Market Data Processor.
Data suggests that over 30pct of MiFID registered firms have, over the course of this past year, undertaken at least one remediation project to correct the accuracy of their reporting. Data released by the FCA had previously suggested that over 40pct of firms were not fully compliant with MiFID obligation in that they were not conducting reconciliation of their transaction data. Recent data now suggests that firms are more proactive in ensuring quality reports and Qomply has seen improvement in the number of firms becoming fully-compliant.
Before joining the FCA’s Markets Reporting Team at the FCA, Sophia spent two years as an MI associate within the FCA's Enforcement division. Her experience covered various enforcement activities, including SUP, PRIN, COCON, APER, and SYSC, providing her with a comprehensive understanding of regulatory matters.
After leaving the FCA, Sophia served as an Associate in Bovill's Capital Markets team, a leading regulatory consultancy. In this capacity, she provided clients with specialist advice and support related to transaction reporting matters, further enhancing her expertise in the field.
“I am delighted to join a company that stands at the forefront of technological innovation in regulatory reporting. As an expert in this space, I’ve had the privilege of observing transaction reporting at various quality levels during my time at the UK regulator and in a specialist consultancy firm.
Regulations governing trade and transaction reporting are inherently complex and ever evolving, and, from my experience, many firms still grapple to fully comprehend the requirements. Regulators will continue to closely monitor firms' ability to effectively implement these changes, making tools like Qomply's invaluable for firms. Qomply’s technology, renowned for its precision and user-friendliness, empowers firms to have confidence that their reporting aligns seamlessly with the required standards.”
Sophia's appointment as Director of Transaction Reporting at Qomply reaffirms the company's commitment to addressing regulatory challenges and assisting firms in navigating the complex regulatory landscape.