FCA fines Goldman £34m for MiFID reporting failures
Publish date: 29 March 2019
Issue Number: 64
Diary: CompliNEWS
Category: Enforcement
Goldman Sachs International (GSI) has been fined £34,344,700 by the UK's Financial Conduct Authority (FCA) for failing to provide accurate and timely reporting relating to 220.2 million transaction reports between November 2007 and March 2017. The regulator said the bank made millions of errors in transaction reporting over a 10-year period.
The regulator found Goldman Sachs failed to provide complete, accurate and timely information in relation to approximately 213.6 million reportable transactions and incorrectly reported 6.6 million transactions.
It also failed to take reasonable care to organise and control its affairs responsibly and effectively in respect of its transaction reporting, the FCA said. These failings related to aspects of Goldman Sachs’ change management processes, its maintenance of the counterparty reference data used in its reporting and how it tested whether all the transactions it reported to the FCA were accurate and complete.
It is noted that 13 other firms have already been stung over similar Markets in Financial Instruments Directive (MiFID) breaches.
