6. Corrections and feedback
Three kinds of feedback
| You see | Meaning | What to do |
|---|---|---|
| Held (rejected by our checks) | The FCA or DTCC would reject it as it stands | Fix it and send it again with the same reference |
| Waiting for your decision (a warning) | It would probably be accepted, but something looks wrong | Fix and resend it, or send it as it is with a reason |
| Rejected by DTCC or the FCA | It reached them and was refused | Fix it and send it again |
Every report's page shows its full history: our checks, DTCC's answer and the FCA's answer.
Two ways to fix reports
- One at a time, on screen. Open the report and choose Correct this report. The form opens with the report as you sent it and our feedback above it. Change what needs changing and resend it. We work out the rest: a rejected or held report is simply sent again, and a report already accepted is cancelled first, then replaced.
- Several at once, in a spreadsheet. On the Reports page choose Download reports to fix. You get every report that was refused or is waiting for your decision, in the template's columns as you sent them, with our feedback in an extra
feedbackcolumn. Fix the rows, then upload the file as it is. We ignore the feedback column. Each report drops off the list once a corrected version goes through.
Either way the change is yours: we tell you what is wrong, and you decide what the report should say.
Correcting a report already accepted
Send a CANC row for the report, then the corrected NEWT row with the same transaction reference. Best practice is to send two separate files, with the cancellation first. A cancellation and a new report for the same reference in one file can be taken in the wrong order further down the line.
We make sure of the order either way. The cancellation goes to DTCC on its own, and the corrected report waits until the cancellation has been accepted, then goes in a later file. Its page says it is waiting. If the cancellation is rejected, the corrected report is held, because the original is still live: fix the cancellation, then send the corrected report again. If the corrected report fails our checks, the cancellation is held with it, so the original stays in force rather than leaving the trade unreported.
Correct this report does all of this for you. A report that is with DTCC or the FCA, waiting for their answer, can be corrected once the answer arrives.
Cancelling a report sent in error
Send a CANC row with the transaction reference and your LEI, or use Cancel a report on the single report page.
Rejected reports
A report rejected by the FCA is never counted as reported. Fix it and send it again, using the same reference. You don't need to cancel it first.
Errors you find later
If you find that reports were wrong or missing, correct or send them through the service as above. Whether, when and how to tell the FCA about errors is a decision for your firm's compliance officer.
For more than a handful of reports, a back-reporting or remediation project is usually the better route. Our professional services team can plan and run it, and support your compliance officer through it. See backreporting.com or write to support@regulatoryadvice.co.uk.
Practice and test reports
Until your firm is live, reports will go to practice (checked and answered here) or to DTCC's test system. Neither reaches the FCA. Each report shows you where it was sent.
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