June 17, 2018

June 15, 2018

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ESMA Updates MiFID II and MiFIR Transaction Reporting Guidelines

On August 8, European Securities and Markets Authority (ESMA) published an updated version of its guidelines (Guidelines) on transaction reporting, order recordkeeping and clock synchronisation under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR), which were originally published in October 2016 (for further information see the October 14, 2016 Corporate Financial Weekly Digest).

ESMA states that the changes made to the Guidelines correct some unintended factual mistakes, typos and inconsistencies. ESMA advises that none of the corrections aim to alter the substance or policy provisions of the Guidelines.

The Guidelines are being translated into the official EU languages. When this process is completed, national EU regulators will be required to notify ESMA whether they comply or intend to comply with the Guidelines (giving reasons for non-compliance, if relevant) within two months of publication of the official EU language versions of the Guidelines on ESMA’s website. ESMA states that the amendments to the Guidelines do not have an impact on the timeline for completion of the “comply and explain” procedure.

The Guidelines are available here.

©2018 Katten Muchin Rosenman LLP


About this Author

Neil Robson, private equity fund managers counselor, Katten Law Firm, London

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...