George Markides from our Market Infrastructure Team was recently featured in Finance Magnates, where he shared valuable insights on ESMA’s initiative to simplify financial reporting rules. These rules currently place a heavy and duplicative burden on firms under EMIR, MiFIR, and SFTR.
Firms are often required to report the same trade multiple times across different regimes, using varying formats and reporting channels such as ARMs and TRs. This duplication results in high compliance costs, particularly for small firms and occasional traders. ESMA’s consultation launched in June 2025 acknowledges these inefficiencies and aims to streamline reporting requirements, reducing both complexity and costs across the EU.
MAP FinTech’s response proposes key reforms, including exemptions for small firms, single-sided reporting where only one party submits a report, and the “Reporting Once Principle,” which merges EMIR, MiFIR, and SFTR into a single harmonised report. MAP FinTech also recommends creating a unified reporting template to eliminate duplicate data fields and integrating related obligations, such as APA publications.