MiFIR Archives - FinTeX - Finance & Technology eXpertise

MiFIR Review: “Let’s take immediate action… to delay the decision!”

In its note from June 23th, ESMA announced they would freeze changes to the RTS 22 Transaction Report, as well as to RTS 23 and 24 (Order and Reference Data), pending a new consultation, tending to simplify and streamline the Regulatory Reporting. In its annual report on "Data Quality and Use of Data" published on April 30th, ESMA admitted to be aware of the significant cost of regulatory reporting for the reporting firms, and expressed its intention to simplify it. This was a rather unanticipated outcome, given all the ongoing REFITs. This time, ESMA appears to be launching a major streamlining project, possibly leading to a unified reporting channel, or more likely, to a rationalized reporting avoiding duplication. This consultation will last throughout the summer until September 19th, with the conclusions expected to be published in early 2026. Certainly a bit of a relief, but undoubtedly, significant changes to ultimately occur in 2026… The full ESMA article:https://www.esma.europa.eu/document/call-evidence-comprehensive-approach-simplification-financial-transaction-reporting

MiFIR Review confirmed on track

As expected, ESMA published its first conclusions on December 16th 2024, following the consultations launched in the second quarter of last year. From a reporting point of view, only Post Trade Transparency (RTS 1&2) and Commodity Position Reporting (MiFID II art. 58) were concerned, whereas the main topic, namely Transaction Reporting (RTS22) was supposed to arrive later in March. The European Commission has 3 months to approve the proposals to modify the RTS (Regulatory Technical Standard) but we can already say that the consultations have not fundamentally changed ESMA's proposals. The APAs (Approved Publication Arrangement) which collect and publish transactions in accordance with the rules of Post Trade Transparency (RTS1&2), will have to adapt and quickly communicate their format changes. Regarding Commodity Position Reporting (MiFID II art. 58), FinTeX Factor:y currently supports reporting to “ICE Futures Europe” which depends on the FCA and UK-Mifid II (not in-scope of Mifid II-MiFIR Review which is purely European), with further extension plans for 2025.