REGULATORY ALERT – Important changes to MiFIR reporting proposed by ESMA

On the 24th of September ESMA launched a Consultation Paper aiming to simplify the current reporting regimes and enhance the quality of the data reported by ensuring consistency among various reporting and transparency requirements.

Some of the key amendments proposed by ESMA:

  • UCITS management companies and AIFMs providing one or more MiFID services to become subject to the transaction reporting obligation.
  • Bring in scope of the reporting obligation derivative instruments traded through Systematic Internalisers.
  • A revision of the scope of indices that are subject to the reporting obligation.
  • Linking all transactions pertaining to the same transaction chain with a unique identifier.

The consultation phase will close on the 20th of November and ESMA intends to submit its final review report to the European Commission in Q1 2021.

As always, MAP FinTech is at the forefront of developments and stands ready to assist regulated entities to meet their reporting needs with innovative, efficient and robust solutions.