ESMA Issues Consultation Paper on MiFIR Reference Reporting Regimes

European Securities and Markets Authority (ESMA) has issued a Consultation Paper (CP) seeking input on the current reference data and transaction reporting regimes under the Market in Financial Instruments Regulation (MiFIR) in the European Union.

25 September 2020 | AtoZ Markets – COVID-19 poses great uncertainty to the economic and financial markets. ESMA is closely monitoring the situation, given the continuous update of the COVID-19 impact on the EU financial markets. Meanwhile, ESMA is preparing to exercise its powers to ensure the orderly functioning of the market, financial stability, and investor protection.

ESMA Consults on Reporting Regimes Under MiFIR

ESMA has released a Consultation Paper (CP) on MiFIR Reference Data and Transaction Reporting regimes. This CP covers the scope of legal entities and financial instruments in terms of the reporting regime's obligations. Importantly, it includes suggestions for the possibility of expanding the scope of coverage in light of the consideration of the transparency regime of non-equity instruments and the trading obligations of derivatives. The CP includes the following issues:

  • Possibility of reviewing the ToTV (Traded on a trading venue) concept
  • Review of the range of indices subject to reporting requirements in consideration of recent benchmark regulations
  • Proposals to remove, replace, or further clarification of specific data elements to be reported under the transaction reporting obligation
  • Proposals to ensure further consistency between EMIR and MiFIR reporting regimes considering the EMIR Refit review.

ESMA evaluates these data elements asking to make suggestions on whether to maintain, delete, replace, or further clarification of these elements. "ESMA's objectives for this review are to simplify the current reporting regimes and enhance the quality of the data reported by ensuring consistency among various reporting and transparency requirements," the regulator said.

The ESMA requires all stakeholders of the EU securities market to respond to this consultation paper by 20 November 2020. Based on stakeholder feedback, ESMA will prepare a final review report. ESMA will submit its final report to the EC in the first quarter of 2021.
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