ESMA consults on regulatory technical standards revision
03 October 2024 EU
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The European Securities and Markets Authority (ESMA) has published a consultation paper on the review of regulatory technical standards (RTS) on transaction data reporting and order book record keeping.
The proposed changes aim to reduce reporting burdens by aligning fields across financial regulations.
Following the Markets in Financial Instruments Regulation (MiFIR) revision that came into force in March 2024, the European Commission mandated ESMA to review the relevant RTS.
ESMA is now seeking feedback from the industry on the proposed revision of the RTS 22 and RTS 24.
The proposed amendments aim to align transaction reporting requirements with the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR).
In the paper, ESMA says: “This will reflect in an improvement of data harmonisation and common data dictionary that will result in an overall simplification of the reporting burden for the market that is subject to different reporting regimes.”
The paper also proposes clearer identification of trades using distributed ledger technology (DLT) and guidelines for transactions involving aggregated orders.
The consultation will run until 3 January 2025, with contributions to be submitted online.
ESMA expects to publish a final report and submit the revised draft technical standards to the European Commission in Q1 2025.
The proposed changes aim to reduce reporting burdens by aligning fields across financial regulations.
Following the Markets in Financial Instruments Regulation (MiFIR) revision that came into force in March 2024, the European Commission mandated ESMA to review the relevant RTS.
ESMA is now seeking feedback from the industry on the proposed revision of the RTS 22 and RTS 24.
The proposed amendments aim to align transaction reporting requirements with the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR).
In the paper, ESMA says: “This will reflect in an improvement of data harmonisation and common data dictionary that will result in an overall simplification of the reporting burden for the market that is subject to different reporting regimes.”
The paper also proposes clearer identification of trades using distributed ledger technology (DLT) and guidelines for transactions involving aggregated orders.
The consultation will run until 3 January 2025, with contributions to be submitted online.
ESMA expects to publish a final report and submit the revised draft technical standards to the European Commission in Q1 2025.
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