Article 25 of MiFID establishes a transaction reporting regime where investment firms shall submit reports of executed transaction to their competent authorities regarding financial instruments admitted to trading on regulated markets. The reports can be made either by investment firm itself, a third party acting on its behalf or by a regulated market or MTF through whose systems the transaction was completed. Competent authorities shall further exchange the reports between themselves.
The purpose of transaction reporting is to enable competent authorities to monitor the activities of investment firms and to ensure that they act honestly, fairly and professionally and in a manner which promotes the integrity of the market.
CESR-Tech and TREM project are preparing the technical system for exchanging the data between CESR members. In addition the technical work some issues have been identified where there is a need for harmonised approach by CESR members. This document provides guidance to three aspects of transaction reporting: practical solutions for the reporting obligations for branches; an answer to what constitutes
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