MIFIR draft amendment about transactions and reporting of reference data
On 30 March 2021, based on the consultation feedback about MIFIR at the end of 2020, ESMA published a final report for the European Commission that contained recommendations and possible legislative amendments to the MiFIR transaction reporting regime.
ESMA’s recommendations concern trading venues, systematic internalizers, investment firms, data reporting service providers, and are particularly relevant for asset management companies.
Concretely, to ensure a level playing field between MiFID investment firms and AIFM/UCITS management companies, ESMA has proposed to extend the scope of reporting requirements under Article 26 of MiFIR to UCITS and AIFM firms if they provide at least one MiFID service to third parties.
Therefore, the proposed change should only affect AIFM/UCITS management companies providing one or more MiFID services that would trigger the obligation to report transactions under Article 26 of MiFIR. The proposed change will not cover transactions stemming from other activities conducted by AIFM/UCITS firms.