MiFIR Reporting Regulation

What is MiFIR reporting?

On 20 October 2011, the European Commission published two proposals: the revised Markets in Financial Instruments Directive (MiFID II), along with Markets in Financial Investments Regulation (MiFIR). Both the Directive and Regulation aim to establish a safer and more transparent financial system by enhancing regulatory requirements, market transparency and investor protection. The regulation set out to:

  • Strengthen investor protection
  • Reduce the risk of market disorder
  • Reduce systemic risk
  • Increase the efficiency of financial markets

MiFID II/MiFIR sets out a number of reporting requirements in relation to the disclosure of trade data to the public and competent authorities. MiFID II/MiFIR are closely linked to the MiFID transaction reporting requirements but are more complex in terms of its scope and reporting content.

MiFIR reporting timeline

The MiFIR reporting obligations came into effect in January 2018.

Who is impacted by the regulation?

MiFID II/MiFIR impacts European securities markets structure and “investment firms” specifically. MiFID’s scope was extended under MiFID II/MiFIR to cover more asset classes, so more firms were caught by the reporting obligations.

Additionally, discretionary portfolio managers in the UK who were relying on reports made by their EEA sell-side brokers may have also needed to start reporting in their own name to the FCA under MiFID II/MiFIR.

Key points at a glance

MiFID II/MiFIR brought a significant expansion in the range of reportable instruments:

  • Financial instruments admitted to trading or traded on a trading venue or which a request for trading has been made

    • Trading venue = regulated market, MTF or OTF
    • Added FX, commodities and interest rate derivatives
  • Financial instruments where the underlying is a financial instrument traded on a trading venue
    • Increased the number of OTC derivatives to be reported and introduced a requirement to report certain derivatives traded on third country derivative exchanges
  • Financial instruments where the underlying is an index, or a basket composed of instruments traded on a trading venue

How can LSEG Post Trade help?

When harnessed, regulation can be powerful. Through years of expertise and trusted data accuracy, Regulatory Reporting can help you reframe regulation, so it’s no longer a hindrance, but an opportunity. Find out how our MiFIR Reporting training, data and analytics solutions can help you comply with MiFIR reporting requirements, on our MiFIR Transaction Reporting page. 

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Disclaimer

Content on this page is not intended as an exhaustive or definitive guide to the regulations, and is not the views of LSEG, but for general information purposes only. For detailed and up to date guidance on regulation you should always seek specialist advice and/or consider the actual regulation itself.