Consultation on Transaction Reporting on OTC Derivatives and Extension of the Scope of Transaction Reporting Obligations

Consultation on Transaction Reporting on OTC Derivatives and Extension of the Scope of Transaction Reporting Obligations

from 19 July 2010 to 16 August 2010

Details

This consultation paper sets out CESR's proposal for the possible organisation of transaction reporting on OTC derivatives as well as for the extension of the scope of transaction reporting obligations.

CESR's proposal on transaction reporting on OTC derivatives is based on the assumption that all persons not exempted from European Market Infrastructure Legislation (including MiFID-authorised firms) would have to report their OTC derivatives transactions to trade repositories (TRs) after these will have been established and registered under EMIL.

However, CESR proposes that investment firms would retain the possibility of complying with their transaction reporting obligations with respect to OTC derivatives under MiFID provisions. Investment firms reporting their transactions to a TR, supporting MiFID standards, would be exempted from direct reporting when they communicate to the competent authority their decision to report their transactions through a TR. The MiFID regime would therefore apply to reporting obligations but these could be dealt with by TRs for the account of investment firms in order to avoid duplication. In other words, TRs would be recognised as a valid third-party reporting mechanism under Article 25(5) of MiFID.

As long as EMIL has not been finalised and implemented, OTC derivatives transactions would be reported under MiFID rules, where applicable.

Furthermore, CESR is considering to propose to the European Commission to extend, through a change in Article 25 of MiFID, the scope of transaction reporting obligations to financial instruments that are admitted to trading only on MTFs and to OTC derivatives.

1 RELATED DOCUMENTS
Document available for this Consultation
DateReferenceTitleDocument
19/07/201010-809Consultation paper - Transaction Reporting on OTC Derivatives and Extension of the Scope of Transaction Reporting Obligations

Responses

Operations
Activity Institution Download
Platts
Chatham Financial
Banking SWIFT
Banking British Bankers' Association
Banking F
38-FBF.pdf (88.05 KB)
Banking The Futures and Options Association
Banking ISDA
Banking European Savings Banks Group
0893_v2.pdf (153.71 KB)
Banking ZKA
51-ZKA.pdf (25.63 KB)
Banking WKO
36-WKO.pdf (183.42 KB)
Banking European Banking Federation
Banking AFME
Banking The Royal Bank of Scotland plc
Banking European Association of Public Banks
Banking Caixa Geral de Dep
Banking Barclays Capital
Investment Services AMAFI
7-AMAFI.pdf (162.02 KB)
Investment Services Nordic Securities Association
Issuers European Association of Corporate Treasurers (EACT)
Issuers MEDEF
Press Thomson Reuters
henry1.pdf (687.07 KB)
Others The Depository Trust & Clearing Corporation
Others MarkitSERV
Insurance, pension & asset management AFG
61-AFG.pdf (38.85 KB)
Insurance, pension & asset management Investment Management Association
307_10_01.pdf (42.56 KB)
Insurance, pension & asset management BVI
Insurance, pension & asset management PIMCO
1-PIMCO.pdf (5.67 KB)
Insurance, pension & asset management Munich Re Group
Insurance, pension & asset management AIMA
Insurance, pension & asset management EFAMA
Regulated markets, exchanges & trading systems NYSE Euronext
Regulated markets, exchanges & trading systems BME - Spanish Exchanges
Regulated markets, exchanges & trading systems CLS Bank International
Regulated markets, exchanges & trading systems TriOptima
Regulated markets, exchanges & trading systems European Federation of Energy Traders - EFET
Regulated markets, exchanges & trading systems WMBA & LEBA
Regulated markets, exchanges & trading systems Deutsche B
Regulated markets, exchanges & trading systems London Stock Exchange Group
Regulated markets, exchanges & trading systems FESE
36-FESE.pdf (165.17 KB)
Regulated markets, exchanges & trading systems Euroclear
Regulated markets, exchanges & trading systems Nasdaq OMX
4-NASDAQ_OMX.pdf (1.19 MB)