To help you understand your firm’s transaction reporting requirements, read more on applicable legislation, regulatory technical standards, non-legislative materials and regulatory updates.
Legislation
Regulatory technical standards
| Title | Description |
|---|---|
| The Regulatory Technical Standards for transaction reporting: Commission Delegated Regulation (EU) 2017/590 (RTS 22)[5] | Technical requirements specific to transaction reporting. |
| The Regulatory Technical Standards for instrument reference data: Commission Delegated Regulation (EU) 2017/585 (RTS 23)[6] | Technical requirements specific to instrument reference data reporting. |
| The Regulatory Technical Standards for the maintenance of relevant data relating to orders in financial instruments: Commission Delegated Regulation (EU) 2017/580 (RTS 24)[7] | Technical requirements relating to orders in financial instruments. |
Non-legislative materials
| Title | Description |
|---|---|
| Brexit: our approach to EU non-legislative materials (PDF)[8] | Details the EU regulatory materials applicable as of Brexit. |
| ESMA's questions and answers on MiFIR data reporting (PDF)[9] | As of 28/09/2020 (applicable version post-Brexit). |
| ESMA's guidelines on transaction reporting, order record keeping and clock synchronisation (PDF)[10] | Parts I-III cover transaction reporting. |
| ESMA’s MiFIR opinion on traded on a trading venue (TOTV) (PDF)[11] | Discusses the concept of 'traded on a trading venue' in relation to MiFIR. |
Other relevant reports and technical documents
| Title | Description |
|---|---|
| ESMA's technical reporting instructions (PDF)[12] | Describes the technical process for submitting transaction reports including error handling and validation. |
| ESMA’s instrument reference data reporting instructions (PDF)[13] | Describes the elements of the interface including flowchart processes for submitting instrument reference data. |
| ESMA’s CFI validation for instrument reference data reporting[14] | Version applicable for FCA submissions is 02/03/2020. |
| FCA transaction reporting validation rules (XLSX)[15] | Describes the transaction validation processes field by field. |
| FCA financial instruments reference data system technical standards (PDF)[16] | Details on the publication of instrument reference data files and instructions on how to access these from FCA FIRDS. |
Regulatory updates
| Title | Date |
|---|---|
| Supervisory flexibility on transaction reporting[32] | July 2023 |
ESMA statement - planned changes to their transaction reporting validation rules Q2 2022[33] The FCA will not be changing the current rules used to validate transactions submitted to the Market Data Processor (MDP). Entities that submit transaction reports directly to the MDP (Approved Reporting Mechanisms (ARMs), trading venues and investment firms submitting their own reports) may implement these additional and other validations should they wish to, where they feel this will improve the data quality of their submissions. | March 2022 |
| Supervisory flexibility on the short selling indicator[34] | January 2022 |
