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Regulatory Reporting 2027: Report Less. Prove More. Reporting reform is accelerating across the UK and Europe. Regulators are pushing for simpler reporting and lower cost, while data-quality expectations, analytics and AI-enabled supervision continue to rise. In this episode of RegCast Season 8: Below the Waterline, PJ Di Giammarino speaks with Pierre Khemdoudi, Co-founder and CEO of Gentek, about what this means for the regulatory reporting stack. The FCA estimates its UK MiFIR reforms could reduce annual industry reporting costs by £108 million. At the same time, ESMA is advancing reporting simplification, data quality and more technology-enabled supervision. Pierre brings the discussion down to one practical test: Pick one reported field. Can you explain why it was reported, where the data came from, what interpretation applied and what logic produced the final value? If that takes ten days of technology effort, the underlying complexity has not disappeared. PJ and Pierre discuss: UK MiFIR transaction reporting reformFCA PS26/15 and the £108m cost opportunityESMA reporting simplificationDigital Regulatory Reporting and ISDA DRRregulatory data lineage and traceabilityAI and agentic workflows in regulatory reportingdata quality and supervisory analyticsshifting control upstream without adding more headcountstructural cost reduction and the 2027 reporting agenda The management challenge for 2027 is simple: Report less. Prove more. Know exactly what needs to change before the regulator asks. Follow RegCast for more conversations on regulatory reporting, AI governance, RegTech, control architecture and the 2027 regulatory agenda.

As AI moves from pilots into production, financial institutions face a more practical question: what do you fix first? PJ Di Giammarino speaks with Kim Prado, Global Head of Product, GlobalLink at State Street, about the 2027 control environment and the data, technology, operating-model and regulatory foundations firms need to scale AI. They discuss AI in banking, data and standards, regulatory change, business logic and entitlements, the changing role of product and technology, and how firms can use their 2027 change budgets to build reusable capabilities while reducing structural cost. The central message: move towards capabilities that can scale, rather than another generation of large standalone applications. Part of RegCast Season 8: Below the Waterline.

Shadow AI is no longer confined to employees experimenting with unapproved chatbots. It is appearing in everyday workflows, approved technology and emerging agents as financial institutions move AI from pilots into production. PJ Di Giammarino talks with EPAM’s Sandro Schmid and Michael Nicholls about what happens when adoption moves faster than control. Can management see where AI is operating? Who owns it? What is it authorised to do? Where does meaningful human oversight sit, and what evidence is needed to demonstrate that the control environment is actually working? The discussion looks at the shift from AI governance as policy towards practical AI Control in production, including visibility, ownership, authority, continuous assurance and the conditions firms need to scale AI safely. This episode accompanies RegRisk Navigator 21, “Your AI is crossing the line. Now what?”, as Season 8 of RegCast goes Below the Waterline ahead of the RegRisk Control Forum on 15 October.

Financial institutions are locking in 2027 technology, AI, data and supplier decisions now, but the control costs may still sit below the visible plan. In the Season 8 premiere of RegCast: Below the Waterline, PJ Di Giammarino and Corrina explore what firms are preparing for as they enter 2027, where AI and agents can remove cost and friction, and why the control implications of today’s architecture choices need attention before plans harden. Season 8 follows real regulated workflows into the data, systems, AI, dependencies, controls and evidence underneath them, across: Regulatory ReportingAI ControlSovereign Control The season will feed into the RegRisk Control Forum on 15 October 2026 and the wider 2027 RegTech research agenda. RegRisk Control Forum | 15 October 2026 | London https://regrisksolutions.com/regrisk-control-forum/

If You Cannot Explain It, You Cannot Defend It Supervisors are testing decision paths. Most firms are not ready. MiFIR reporting is no longer judged by what gets submitted. It is judged by whether firms can prove how the decision was made. Supervisors are asking more pointed questions, comparing data across regimes, and exposing weaknesses in governance, lineage, and control. Most firms are still treating reporting as an output problem. This episode explains why that no longer works. PJ Di Giammarino, Founder and CEO of RegRisk Legal Solutions, Kim Prado, former CIO at BMO and Sam North, Executive Director of Product Management at The DTCC explore where reporting is breaking today, why divergence matters more than harmonisation, and what firms need to build now if they want to move from producing reports to proving control.

AI infrastructure is no longer politically neutral. A leaked diplomatic cable suggests data sovereignty has moved from regulatory debate to geopolitical confrontation. For financial institutions, this raises a harder question than data residency: which law executes inside your AI stack? Sovereignty now lives in the control plane: who holds the encryption keys, who can compel access, whether service can be withdrawn, how models are governed, and whether data and workloads can be ported under stress. In this episode, we examine sovereignty as an operational condition, not a policy label. From foreign access risk and vendor lock-in to regulation-to-enforcement in live operation, we ask what provable control really looks like in 2026. Because when governments disagree, something still executes.

The fines are no longer theoretical. Supervisors are alreadypenalising weak reporting controls, inadequate governance and fragile operating models. Not for misconduct. For failure to demonstrate control. And this is before large-scale AI supervision has fully arrived. AI pilots are moving into production across capital reporting, AML, surveillance and resilience. The legal and technical obligations governing accountability, outsourcing, and operational control are already on the books. When supervisors begin testing AI-driven systems at machine speed, “it was just a pilot” will not be a defence. This episode confronts the uncomfortable reality: if you cannot evidence control now, escalation is not a question of if, but when.

MiFIR reporting reform is no longer something firms are preparing for. Live inspection has started. Regulators are now correlating MiFIR data against prudential and statistical views of the same activity, turning divergence into evidence and data quality into a supervisory judgement. This is happening while core reporting systems remain operational, leaving little room for trial-and-error change. In this episode, industry leaders share 80+ years of experience on what breaks first during in-flight reform, why loss of supervisory trust is the real failure mode, how costs escalate before root causes can be fixed, and what must be reused to prevent fragmentation becoming permanent. They also explain why AI and automation will surface weaknesses faster unless meaning, validation, and governance are fixed first. This is not about designing the target state.It is about regaining control while your systems are being examined. Join in and follow all the analysis from the RegTech FS conference registration site:https://regtechconference.co.uk/.

Supervisors are rebuilding reporting from the ground up. Regulators are moving away from prescriptive templates toward model-based reporting built on granular data, shared semantics, and provable lineage. This shift promises better data quality and faster insight, but it also forces firms to make hard architectural and governance decisions now.  In this episode, regulatory and industry leaders explain what“templates to models” really means, why fragmented dictionaries and interpretations will fail, and why 2026 is the year supervision starts testing whether firms can prove how their reporting actually works.  If reporting quality, data lineage, and regulatory convergencematter to your 2026 agenda, this episode is required listening. Join in and follow all the analysis from the RegTech FS conference registration site: https://regtechconference.co.uk/.

2026 marks a decisive shift in financial supervision. The focus has moved from regulatory pressure and compliance narratives to supervisory testing based on evidence. Governance is no longer judged by frameworks or stated intent. It is examined through how systems behave in practice, how decisions are made and overridden, how data quality is sustained under change, and whether architecture holds up when scrutiny intensifies. In this opening episode of RegCast Season 7, we explore why governance has become examinable, how political dynamics and regulatory divergence across the UK, EU, APAC and US are sharpening supervisory expectations, and what this means for operating models, technology choices, and assurance through 2028. The discussion sets the control lens for the season and frames the decisions firms must make before expectations harden and become costly to reverse. Join in and follow all the analysis from the RegTechFS conference registration site: https://regtechconference.co.uk/.

The financial markets run on data and after30 years of FIX messaging, trust in that data is under pressure. 91% of firms report fragmented systems.70% link that fragmentation to compliance risk. In this episode of RegCast, PJ Di Giammarino sits down with Jim Kaye, Executive Director of the FIX Trading Community, to discuss how AI, open standards, and smarter governance can FIX trust at the source. Learn how new collaboration in 2026 between ISO, FIX, CDM, and DRR could create the first truly AI-ready market infrastructure just in time for new regulatory demands to get it right. Download our latest FREE MiFIR research report: https://regrisksolutions.com/intelligence/document/mastering-mifir-build-one-runbook-to-bridge-the-transparency-chasm/ Register for RegTech 2026 conference March 26, London https://regtechconference.co.uk/

Episode 5: MiFIR Divergence 2026: The Race to Rebuild Reporting Control Europe’s reporting machine processes 15 billion trades a year. In October 2025, ESMA froze 115 Level-2 acts while the UK FCA pressed ahead with Digital Regulatory Reporting and new MiFIR standards for 2026.The result: two rulebooks, two control philosophies — and billions in added cost. In this RegCast episode, PJ Di Giammarino is joined by Dawd Haque (Deutsche Bank, Chair of the Bank of England and FCA’s Data Standards Committee) and Grant Haley (First Derivative, an EPAM company) to explain how firms can build once and prove everywhere. They discuss:✅ Why data quality is now a capital variable.✅ How vendor fragility threatens market resilience.✅ The semantic “rulebook to runbook” approach. 📘 Download the FREE report Mastering MiFIRDivergence → https://regrisksolutions.com/intelligence/document/mastering-mifir-build-one-runbook-to-bridge-the-transparency-chasm/🎟️ Register for RegTech 2026 London → https://regtechconference.co.uk/🎧 Subscribe to RegCast for new episodes #MiFIR #RegTech #FinancialServices#DataQuality #OperationalResilience #CapitalRisk #BuildOnceProveEverywhere

91% fragmented. 70% report compliance failures. As ⁠Connectivity in the Age of AI reveals⁠, the buy side’s wiring is broken, and AI is making the cracks impossible to ignore. Execution economics are collapsing, clients demand transparency, and supervisors are embedding ICT and data risk directly into Pillar 2 capital. In 2026, that means a 0.5% surcharge — wiping out 10 to 15% of ROE — is no longer theoretical but the likely outcome for firms that fail to act. This episode brings PJ Di Giammarino, CEO of RegRisk Legal Solutions, together with Rebecca Healey, Chair of the FIX Trading Community’s AI Working Group, to unpack why AI has forced execution into the boardroom — and how standards like FIX, CDM, and DRR-style logic can turn compliance from a capital penalty into competitive advantage. 👉 Listen now. Q4 2025 is the last budget window before AI in trading becomes the next capital test.

Episode 3: Building for Control — MiFID III, DRR, and the Architecture of Trust On 23 July 2025, the FCA issued its second major warning in 180 days. Market Watch 82 makes it clear: firms must fix the quality of their transaction reporting data or face escalating consequences. In this episode of RegCast, PJ Di Giammarino is joined by Dawd Haque (Deutsche Bank, Chair of the Bank of England and FCA’s Data Standards Committee) and Grant Haley (First Derivative) to tackle the hard truths behind today's transaction reporting, Digital Regulatory Reporting (DRR) and what machine-readable compliance really demands. 📌 What’s inside:✔️ Why machine-readable reporting is now expected✔️ How DRR and the Common Domain Model (CDM) reshape control frameworks✔️ What firms need to build now to meet 2027 deadlines✔️ How to reduce execution risk and avoid capital impact under the ECB’s SREP This is no longer just a tech or compliance issue. It is about rebuilding trust in regulatory reporting from the ground up. #MiFIDIII #MarketWatch82 #TransactionReporting #DRR #CDM #DataQuality #RegCast #Compliance #SREP #PillarII #FCA #ESMA #RegTech #FinancialServices #ArchitectureOfTrust

MiFID III Reset: Why Transaction Reporting is Being RethoughtReporting now affects your capital. Are you sure your data looks 'good enough'?In this RegCast Short, PJ Di Giammarino explores why transaction reporting is under pressure and what MiFID III’s pause on RTS 22 and RTS 23 really signals.▶️ What regulators really want from reporting▶️ Why legacy infrastructure is no longer fit for purpose▶️ How to prepare for AI-ready, explainable systems that meet future expectationsWe are finally having an adult conversation about the why, how, and when of regulatory data.