Transaction reporting timeline.
Follow our process of successfully delivering the first MiFID II project to all UK clients.
Transaction reporting timeline
Transaction reporting for MiFID II was a large-scale two-year project with multiple phases, supporting all of our UK SEI Wealth PlatformSM clients.
Discover phase — 2015
Action points
March
An internal working group is set up to examine the initial ESMA guidelines in detail
May-June
Elimination exercise to confirm issues affecting SEI as a regulated entity or our clients
July
Briefing session for clients to engage directly with SEI and external experts
July-August
Clients conduct thematic reviews to assess specific impacts on their business
September
Individual clients consultations
Prepare phase — 2016
Action points
November
Quarterly workshops introduced with an interactive and collaborative format to inform the requirement
December-March
Completion of transaction reporting questionnaires to define specific requirements
"We invited Morningstar, Simmons & Simmons, and the FCA to share a wider industry view"
Plan — 2017
Action points
May Client readiness forums
June Move to six-weekly cycle for workshops
July-August EY brought in for six week deep-dive into required solution
August Informal feedback sessions with EY and clients to share key insights
Execute — 2017
Action points
October Wave 1 deployment
November Final code release prior to going live
December Parallel run conducted
"Each client interpreted the guidelines in their own way so they wanted reporting tailored to them."
Deploy — 2018
Action points
- ‘War room’ staffed by project teams and developers set up in readiness for launch day
-
Daily 7 a.m. briefing call with clients throughout first week from launch, backed up by daily update email
- Software update with process improvements to finesse reporting clarity and streamline exceptions process
- Lessons-learned sessions with clients
Support — 2018
Action points