UK Law and Practice Contributed by: Carolyn Jackson, Nathaniel Lalone, Christopher Collins and Ciara McBrien, Katten Muchin Rosenman UK LLP (Katten)
ISDA Notices Hub Opinion ISDA has published a memorandum of law consider - ing certain issues arising under English law in relation to the Notices Hub. The Notices Hub is an online cen - tral platform developed by ISDA and S&P Global Inc, initially to provide market participants with a secure electronic means to: • deliver and receive certain notices under ISDA Master Agreements; and • update their notice address information for deliver - ing notices by other permitted means. • Future releases may enable similar functionality on the Notices Hub for other Master Agreements. ISDA Protocols ISDA has published various contractual amendment mechanisms that enable parties to enter into stand - ardised amendments through adhering to relevant protocol agreements with counterparties. Generally, ISDA publishes these protocols in response to regu - latory, technological and market developments. The ISDA protocols relating to the UK include: • the ISDA 2025 Notices Hub Protocol; • the ISDA 2020 UK EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol; • the ISDA 2020 UK (PRA Rule) Jurisdictional Module to the ISDA Resolution Stay Jurisdictional Modular Protocol; • the ISDA 2016 Bail-in Article 55 BRRD Protocol; and • the ISDA 2013 EMIR NFC Representation Protocol. 5. Enforcement Trends 5.1 Regulator Priorities and Enforcement Trends UK EMIR Derivatives Reporting Enforcement To date, the FCA has only taken one enforcement action in October 2017 in respect of UK EMIR transac - tion reporting, specifically regarding ETDs. Such action was against a large financial institution for breach of the transaction reporting requirements under Article 9 of UK EMIR and Principle 3 of the FCA’s Principles for Businesses in the FCA Handbook. The FCA noted that this was the first enforcement action against a firm
for failing to report details of trading in ETDs under UK EMIR. UK MiFID II Transaction Reporting in Respect of Derivatives In contrast, the FCA has been more active in taking enforcement actions against UK firms for failure to report transactions under UK MiFID II, and the prede - cessor regime under the original Markets in Financial Instruments Directive (MiFID) that entered into force in 2007. Under the predecessor regime, the FCA fined 14 firms for MiFID transaction-reporting breaches. In 2019, the FCA fined a large financial institution GBP 34.3 mil - lion for failing to provide accurate and timely reporting relating to 220.2 million transaction reports. In January 2025, the FCA fined an investment firm GBP 99,200 for failing to submit 46,053 transaction reports under UK MiFIR. This was the first enforcement action against a firm for a breach of transaction reporting requirements under UK MiFIR. Subsequently, in July 2025, the FCA fined another investment firm GBP 1.1 million for sub - mitting transaction reports to the FCA that were either incomplete, inaccurate, or both, over a period of 5 years. The FCA found that these deficiencies affected 924,584 transactions, which represented nearly 100% of the reportable transactions undertaken by all of the firm’s trading desks during this period. As a result of UK EMIR Refit, there are several new reporting standards under UK EMIR (including an increase in the number of reporting fields from 129 to 204), which came into effect on 30 September 2024 in the UK. While it is expected that the FCA will take a lenient approach for a requisite time period for trans - action-reporting errors relating to UK EMIR Refit, the FCA will continue to take a strict approach regarding any transaction-reporting breaches under UK MiFID II. FCA’s Key Priorities The FCA has launched its five-year strategy for 2025- 2030 (Strategy), focusing on its priorities to deepen trust, rebalance risk, support growth and help con - sumers. The FCA publishes an annual work programme detail - ing the work that it intends to complete over the next
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