The EU is rolling out multiple overlapping and complex transaction reporting regimes, serving different purposes and having different structures.
The Markets in Financial Instruments Directive (MiFID1) introduced a transaction reporting regime across the EU in 2007. The scope of this regime is set to expand significantly in 2017 when the recast Markets in Financial Instruments Directive (MiFID2) and the Markets in Financial Instruments Regulation (MiFIR) come into effect. However, there are also other EU product-specific transaction reporting regimes in place or in development, namely:
- a reporting regime for derivative transactions under the EU regulation on OTC derivatives, CCPs and trade repositories (EMIR), which came into effect on 12 February 2014;
- a reporting regime for wholesale energy market contracts under the EU regulation on wholesale energy market integrity and transparency (REMIT), which will come into effect on 7 October 2015 for the first wave of reportable products; and
- a reporting regime for securities financing transactions (SFTs) under a proposed EU regulation on securities financing transactions (SFTR), which is currently progressing through the EU legislative process.
Clifford Chance has prepared a briefing comparing the key elements of the transaction reporting regimes under MiFIR, MiFID1, EMIR, REMIT and SFTR. The briefing also includes a summary of the position reporting regime for commodity derivatives under MiFID2.