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Compliance

ESMA Consulting Paper reviewing the transaction reporting and reference data obligations under MiFIR

Posted on 4 Nov 2020

European Union flag close up

On 24th September 2020, ESMA published a consultation paper (CP) which examines transaction reporting and reference data obligations under MiFIR.

This CP contains the EU securities markets regulator’s proposals for possible amendments to the reference data and transaction reporting regime, which has been based on its experience in implementing the MiFIR reporting regimes.

ESMA’s objectives for this review are to ‘simplify the current reporting regimes and enhance the quality of the data reported’. They aim to do this by ensuring consistency among numerous transparency and reporting requirements.

Some areas addressed by ESMA in the CP include, but are not limited to:

  1. Requiring transaction reporting from UCITS management companies and AIFMs which provide MiFID services to third parties.
  2. Potentially revising the ToTV (Traded on a trading venue) concept.
  3. Proposals to ensure further alliance between MiFIR and EMIR reporting regimes considering the EMIR Refit review.
  4. Making requirements under MAR and MiFID clearer, by removing any inconsistencies surrounding reference data obligations.

The CP proposals are relevant for trading venues, investment firms, asset management companies, systematic internalisers and data reporting services providers. 

The deadline for any comments on the CP is 20th November 2020. ESMA aims to submit its final review report to the European Commission in Q1 2021.


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