France’s AMF reminds investment firms of rules for identifying retail investors when reporting transactions
France’s Financial Markets Authority (AMF) is running a campaign to verify the quality of data in the MiFIR transaction reporting fields relating to retail investors.
Article 26 of the MiFIR regulation introduces the identification of the end client, whether a legal entity or a natural person, into transaction reporting. This information can be used to detect market abuse, but also to study the behaviour of retail investors in detail, as the AMF regularly does as part of its investor protection remit.
To this end, the AMF is conducting a campaign to improve the quality of data in fields relating to retail investors. The aim of this campaign is to remind people that this data must be accurate and completed according to precise standards.
Investment Services Compliance Officers (RCSIs) and reporting teams are encouraged to familiarise themselves with it and check the quality of their disclosures on these issues.
In the context of a data quality campaign related to the identification of retail investors in MiFIR transaction reporting, AMF has identified frequent mistakes related to:
- the identification code for retail investors as buyers or sellers (e.g. CONCAT code for French natural persons),
- their first and last names,
- their birth date.
AMF reminds that transaction data reporting must be complete and accurate, meaning that the rules applicable to each field shall be followed strictly.