Finland Regulator Grants Approved Reporting Mechanism to Nasdaq

Nasdaq Broker Services announced it has become the first firm to receive an ARM license from Finansinspektionen, the Swedish Financial Supervisory Authority (FSA). The license is a requirement in order to submit transaction reports as a third-party provider under MiFID II. Nasdaq will start acting as an Approved Reporting Mechanism for its clients on January 3, 2018, when the new regulations come into effect. Compared to the existing requirements under MiFID I, which focuses on reporting cash equities transactions to local regulators, MiFID II expands the scope to several non-equity asset classes and significantly increases the amount of data that needs to be reported. Under MiFID II, investment firms will have the option of reporting these transactions themselves, or using an ARM. Nasdaq offers an ARM service as part of its Regulatory Reporting platform to its clients. Nasdaq’s ARM license will allow Nasdaq to submit transaction reports on behalf of clients to all relevant regulators in Europe.