Regtech Qomply hires former FCA regulator as director of transaction reporting
UK-based regtech firm Qomply has hired ex-Financial Conduct Authority (FCA) regulator Sophia Fulugunya as its new director of transaction reporting in response to recent enforcement actions issued by financial market regulators.
Sophia Fulugunya, director of transaction reporting, Qomply
During her six-year tenure at the FCA, Fulugunya gained specialist experience in transaction reporting (MiFID II) and instrument reference data regimes as part of its markets reporting team.
As well as reviewing errors and emissions, her remit for the regulator also extended to “in-depth analysis”, the onboarding of firms using the FCA’s market data processor, and its enforcement division, where she spent two years as an MI associate.
Aside from her experience at the regulator, Fulugunya also previously worked for the regulatory consultancy Bovill. As an associate of its capital market team, she claims to have provided its clients with “specialist advice and support related to transaction reporting matters”.
Speaking on the appointment, Michelle Zak, Qomply’s managing director, says Fulugunya’s “understanding of regulatory requirements and market dynamics” will provide its clients with “a front-line expert in transaction reporting providing relevant guidance and insight”.
Adding to this, Fulugunya describes the regulations that govern trade and transaction reporting as “inherently complex and ever evolving” and that as a result, “many firms still grapple to fully comprehend the requirements”.
Qomply tapping talent with specific experience in transaction reporting is timely considering recent enforcement actions relating to reporting failures.
In particular, the US Commodity Futures Trading Commission issued penalties totally over $50 million to three financial institutions – namely JP Morgan, Bank of America and Goldman Sachs – in September for failing to accurately report certain swap dealer activities.
Likewise, the Securities and Exchange Commission penalised no less that 11 firms on Wall Street in August for recordkeeping failures dating back to 2019.
