MIFID II & MIFIR—Transaction Reporting
MIFID II & MIFIR—Transaction Reporting

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • MIFID II & MIFIR—Transaction Reporting
  • MiFIR transaction reporting obligation—Level 1
  • MiFIR—transaction reporting RTS
  • Content and format of transaction reports
  • Meaning of 'transaction' for the purposes of transaction reporting
  • Meaning of 'execution' of a transaction for the purposes of transaction reporting
  • Transmission of orders
  • Who transmits the transaction report and by what method?
  • Branch reporting
  • Methods and arrangements for reporting financial transactions
  • more

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: The impact of Brexit on the MiFID II regime.

The Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I) came into force in 2007 and introduced (alongside other reforms for the regulation of financial markets) a harmonised transaction reporting regime for the detection and investigation of potential market abuse across the EU. This Practice Note focuses on the changes to the MiFID I transaction reporting regime introduced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), which were adopted in 2014 and took effect on 3 January 2018. MiFIR in particular has made a number of changes to the regulatory regime for transaction reporting. The Level 1 legislation provided a mandate for the European Securities and Markets Authority (ESMA) to develop regulatory technical standards (RTS) in relation to the transaction reporting provisions of MiFIR, and ESMA has published Level 3 guidance as well. This Practice Note also considers how the regime has