FiveComply can assist you comply with EMIR, MiFIR and RTS27 transaction reporting obligation. Our team can guide you through the process and we can ensure that you fully comply with your regulatory reporting obligations.
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EMIR is European legislation for the regulation of derivatives transactions. Under EMIR, all counterparties are required to report on a daily basis details of any derivative contract they have concluded, or which the counterparty has modified or terminated, to a registered Trade Repository (“TR”).
EMIR establishes the reporting obligation on both counterparties that should report the details of the derivative trades to one of the trade repositories (TRs), i.e. the buying party should report and the selling party should report. This obligation covers both financial and non-financial counterparties. Only the individuals are exempted from the obligation to report their derivatives trades.
The MiFIR Transaction Reporting obligation came into force on 3rd of January 2018, aiming to provide the tools to National Competent Authorities (NCAs) to detect and investigate potential cases of market abuse, monitor the fair and orderly functioning of markets as well as the activities of investment firms.
According to Article 26 of the MiFIR regulation, the details of transactions in financial instruments, consisting of a total of 65 reporting fields should be reported to NCAs no later than the close of the following working day (T+1 day)
MiFID II requires trading venues to provide reports on execution quality, which are required to be free of charge and downloadable in a machine readable format, as defined in RTS 27. Reports must be published on a quarterly basis and include data for each trading day. Publication must take place no later than three months after the end of each quarter.
For full details of the reports in the section including descriptions of the tables and fields please see RTS27.