MiFID II aims to enhance the efficiency and integrity of the financial markets across the European Union and we have prepared a suite of briefings on key areas of change. However, MiFIR will require investment firms to take reasonable steps to verify the completeness, accuracy and timeliness of the transaction reports submitted on their behalf, but this should not be too onerous as a similar obligation currently exists under SUP 17.2.4. In CP 15/43, the FCA consulted on whether to use the same approach for MiFID II and is currently proposing that it would be disproportionate to do so. MiFID II… This site uses cookies to help us manage and improve the website and to analyse how visitors use our site. With almost 20 years’ experience in delivering regulatory reporting solutions, as well as managing time critical data dissemination, Deutsche Börse Group supports clients to meet their current and future regulatory reporting obligations.Deutsche Börse Group’s offering covers the entire process chain. What kind of transactions must be reported? MiFID II is made up of two parts, the MiFID II directive (2014/65/EU) and the MiFIR regulation (2014/600/EU), which together are referred to as MiFID II in this briefing. All rights reserved, Farrer & Co LLP is authorised and regulated by the Solicitors Regulation Authority (ID 447822), Farrer & Co is proud to have achieved The Planet Mark certification for a second year, Farrers listed in The Times Best Law Firms 2021, Farrer & Co's top-quality client relationship management celebrated in Chambers UK 2021 directory. As a result, the FCA proposes to delete the relevant sections of the FCA Handbook and simply provide links to the directly applicable MiFID II provisions which will include Regulatory Technical Standards (RTSs) issued by the European Securities and Markets Authority (ESMA). When is a transaction reportable? Under Article 26(2) MiFIR, the obligation in article 26(1) MiFIR for investment firms which execute transactions in financial instrument will apply if the instrument falls into one of the following three categories, irrespective of whether such transactions are carried out on the trading venue:. Background to MiFID II and transaction reporting. Firms using an ARM will need to ensure that the ARM will be appropriately authorised from January 2018 and should review current contractual arrangements. MiFID II will be implemented into UK law on 3 January 2018 and will replace Directive 2004/39/EC (MiFID I). The definition of a "transaction" is intentionally broad and covers purchases, sales and modifications of reportable instruments. It should not replace legal advice tailored to your specific circumstances. How will branches of investment firms be affected? For the purposes of this document, non-MiFID members will be referred to as “members” or “firms” and LSE, LSEDM and TGHL will be referred to as “UK trading venues” or “UK TVs.” The rules of the UK TVs include provisions relating to transaction reporting for non-MiFID members, in The UK's own transaction reporting regime already goes beyond the requirements of MiFID I, but MiFID II goes further still. MiFID II will be implemented into UK law on 3 January 2018 and will replace Directive 2004/39/EC (MiFID I). Firms which must continue making reports to the FCA must ensure they can connect to the FCA's reporting system. Currently, under article 32(7) of MiFID I (and in line with SUP 17), branches of EEA investment firms can report to the host competent authority. Although the obligations are similar, the greater level of detail and additional data required in these reports are likely to place further pressure on operations and compliance teams. MiFID II introduces an EU-wide regime under which investment firms can continue to use ARMs subject to certain organisational requirements. The UK's Approved Reporting Mechanisms (ARMs) regime allows investment firms to make transaction reports through other firms authorised to act as ARMs. Given these changes there may also be additional cost implications. The level of information required to be reported has also increased materially. Unsurprisingly, the new requirements are much more detailed with the number of data fields increasing from 24 to 65. MiFID II: 147: Net amount: Transaction details: 35 {DECIMAL-18/5} Transaction Reporting. Notably, the current ARM regime is not being grandfathered, so affected firms will need to apply for the appropriate FCA authorisation. Given that the FCA has set out that it believes that "the new transaction reporting regime will enable it to better fulfil its surveillance and enforcement tasks" it is likely that the FCA will continue to take a robust approach to firms that do not meet their transaction reporting obligations. financial instruments where the underlying instrument is an index or a basket composed of financial instruments traded on a trading venue. Further information can also be found on the Finance & funding issues page on our website.


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