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The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has updated its Questions and Answers document on data reporting under the Market in Financial Instruments Regulation (MiFIR).

The updated Q&As document includes a new Q&A and two amendments to existing Q&As:

The first amended Q&A provides clarifications in relation to the reporting requirements under Art. 26 of MiFIR and RTS 22. The Q&A provides an additional reporting scenario to an existing Q&A where an Investment Firm executes a transaction through an execution algorithm using the membership of its client to execute the order in the market.

The second amended Q&A relates to the Q&A on national client identifiers for natural persons clarifying on how different national identifiers specified in Annex II of RTS 22 are represented. The amendments also provide clarification on the requirements for Swedish national client identifiers.

The newly added Q&A clarifies which LEI should be used to identify the “issuer” when reporting reference data on funds to FIRDS under MAR Article 4 and MiFIR Article 27.  ESMA has observed that the lack of a public Q&A on this matter created uncertainty and resulted in inconsistent reporting of the LEI in the “issuer” field of the reference data report. Due to higher operational complexities related to changed reporting practices in some jurisdictions, this Q&A should be implemented six months after its publication.

The purpose of the Q&As is to promote common supervisory approaches and practices in the application of MiFIR. It provides guidance to Investment Firms, Trading Venues, ARMs and Systematic Internalisers on compliance with the reporting provisions of MiFIR.

ESMA will periodically review these Q&As and update them where required.

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Regulator Information

Abbreviation: ESMA
Jurisdiction: ESMA

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