Skip to main content

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"

Mike Feeley
Project Lead

 Plan — 2017

Action points

 
April
Project plan defines resource requirement and timelines for build
 
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

 
September-October
40+ transaction scenarios developed, tailored and tested in consultation with clients
 
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."

Mike Feeley
Project Lead

Deploy — 2018

Action points

 
January
  • ‘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
     
March
  • Software update with process improvements to finesse reporting clarity and streamline exceptions process
  • Lessons-learned sessions with clients

 

Support — 2018

Action points

 
April 2018 - Present
Ongoing discretionary support provided to assist firms with new clients, new users and other exceptions