October 28, 2020

Volume X, Number 302

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October 27, 2020

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October 26, 2020

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ESMA Publishes Consultation Paper on MiFIR Reference Data and Transaction Reporting

On September 24, the European Securities and Markets Authority (ESMA) published a consultation paper examining transaction reporting and reference data obligations under the Market in Financial Instruments Regulation (MiFIR) (the Consultation Paper).

Since MiFIR’s implementation in 2018, ESMA has identified areas of improvement to simplify the current reporting system and promote transparency.

The key areas addressed by ESMA in the Consultation Paper include:

  • requiring transaction reporting from Undertakings for the Collective Investment in Transferable Securities (UCITS) management companies and alternative investment fund managers (AIFMs) that provide one or more Markets in Financial Instruments Directive (MiFID) services to third-parties;

  • applying consistency throughout MiFID regarding the use of certain words (e.g., users, members and participants);

  • revising the ToTV (traded on a trading venue) concept;

  • obligating all instruments traded off-venue where the underlying is a benchmark to fall within the scope of transaction reporting;

  • clarifying requirements under the Market Abuse Regulation and MiFID to remove inconsistency surrounding reference data obligations; and

  • merging European Market Infrastructure Regulation (EMIR) and MiFIR reporting regimes while considering EMIR Refit where there are common elements (e.g., identification and classification of instruments), while maintaining fundamental differences necessary for the financial stability of the EU.

ESMA calls for all stakeholders within the securities markets, particularly investment firms and credit institutions performing investment services and activities and trading venues to respond to the Consultation Paper.

The deadline for comments on the Consultation Paper is November 20. ESMA intends to submit its final review report to the European Commission in the first quarter of 2021.

The Consultation Paper is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 269
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About this Author

Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws...

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring and documentation relating to OTC derivatives and structured products.

Prior to joining Katten, Nathaniel was a member of the US Regulatory and the Derivatives and Structured Finance practices at Allen & Overy LLP.

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

44-0-20-7776-7666
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