Member of Russell Bedford International –
A global network of independent professional services firms
A global network of independent professional services firms
MiFID II / MiFIR Transaction Reporting
What is MiFIR Transaction Reporting?
MiFIR Transaction Reporting is a regulatory requirement that obliges investment firms to report complete and accurate details of their transactions to the National Competent Authority.
When did this reporting requirement come into force and who does this apply to?
Transaction reporting was first introduced in 2007 under the original MiFID I directive. The scope and requirements were more limited compared to the later MiFID II and MiFIR regulation which came into force on January 3, 2018. It applies to investment firms that execute transactions in financial instruments.
What is reportable?
Reportable transactions include those in financial instruments that are:
- Admitted to trading or traded on a trading venue or for which a request for admission to trading has been made
- Where the underlying is a financial instrument traded on a trading venue
- Where the underlying is an index or basket composed of financial instruments traded on a trading venue
The reporting obligation applies regardless of whether the transactions are carried out on a trading venue.
How often is it reportable and what are the deadlines to report?
Transaction reports must be submitted to the competent authority no later than 23:59:59 of the home competent authority local time of the working day following the day of the transaction.
Where do you submit the reports?
Reports are submitted to the competent authority of the home Member State of the investment firm or through an Approved Reporting Mechanism.
In what format is it reportable?
Transaction reports are submitted in a standardized ISO 20022 XML format according to the ESMA reporting schema.
How can Finmatek help you?
- Streamlined Reporting: Finmatek Ltd provides an automated platform for MiFIR transaction reporting, ensuring timely submissions.
- Data Automation: Automates data collection, validation, and submission to reduce manual effort and minimize errors.
- Risk Mitigation: Reduces the risk of non-compliance and potential penalties with accurate reporting.
- Focus on Training & Support: Offers ongoing training & support to ensure your team is well-versed on MiFIR reporting requirements and up to date with the latest developments.
