financial instruments traded on a trading venue or for which a request for admission to trading has been made; financial instruments where the underlying financial instrument is traded on a trading venue; and. By continuing to use the website, you are agreeing to our use of cookies. SUP 17 will be deleted in its entirety and references to the applicable articles of MiFIR and the RTSs will be included in a new chapter, SUP 17A. The FCA's view is that it will receive sufficient market data from the counterparties used by managers of collective investment schemes, although it may review this decision in the future. The UK's Approved Reporting Mechanisms (ARMs) regime allows investment firms to make transaction reports through other firms authorised to act as ARMs. MiFID II: 147: Net amount: Transaction details: 35 {DECIMAL-18/5} Transaction Reporting. The UK's own transaction reporting regime already goes beyond the requirements of MiFID I, but MiFID II goes further still. MiFID II… MiFID II will be implemented into UK law on 3 January 2018 and will replace Directive 2004/39/EC (MiFID I). Notably, the current ARM regime is not being grandfathered, so affected firms will need to apply for the appropriate FCA authorisation. 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. For further information about cookies, including about how to change your browser settings to no longer accept cookies, please view our Cookie Policy. Under MiFID II, required information for transaction reporting has grown to around 65 fields, to support the goals of transparency and improved data quality. 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. The MiFID II requirements on transaction reporting are set out in article 26 of MiFIR, and as such are directly applicable in member states. MiFID II will be implemented into UK law on 3 January 2018 and will replace Directive 2004/39/EC (MiFID I). Where the non-EEA firm has branches in more than one member state, the branches shall decide which single competent authority shall receive all their transaction reports. Most trading activities a firm carries out will be reportable, but there are certain exceptions including securities financing transactions, acquisitions or disposals that are solely the result of custodial activity and collateral transfers. The risk of significant fines should focus firms' attention on ensuring that transaction reporting is carried out as accurately as possible. If you require further information on anything covered in this briefing please contact Rachel Lowe ([email protected]; +44(0)20 3375 7514) or Fiona Lowrie ([email protected]; +44(0)20 3375 7232) or your usual contact at the firm on 020 3375 7000. 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. Submitting a transaction report The last key difference in trade reporting vs transaction reporting is the legal entity you’re required to … Firms must ensure they can complete the relevant transaction fields and so should consider their current systems for obtaining the necessary information. Trading venues (including those operated by investment firms) can also use ARMs to meet their reporting obligations. 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. Firms using an ARM will not be responsible for failures in the completeness, accuracy or timely submission of reports which are attributable to the ARM or trading venue. 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. financial instruments where the underlying instrument is an index or a basket composed of financial instruments traded on a trading venue. MiFID II significantly extends the scope of firms' reporting requirements significantly by obliging firms to report on nearly all instruments traded on regulated markets, Multilateral Trading Facilities (MTFs) and Organised Trading Facilities (OTF) and financial instruments whose underlying component is admitted to trading on such venues. Å=‚_9DX¦’føp¡•!ÐFm‡àNg–EŒnm²l¯ˆv±-å´d^͖(°¡ÓÃîˆòaoŽY͋9E|¿¨±ÊÛ²t1¾e´0h/ðԑoá½ÆÞײ‰¡ÍÁÈ'eÃádžÃç«|¾¾©–8¾ád²Ü—^Mï{ߜjìI–8Ørv’aÄå…É‚]%. Although managers of collective investment schemes were outside the scope of MiFID I, the FSA (the regulator at the time) decided to extend the reporting obligations to them. In particular, firms will need to identify the person, entity or algorithm that decided to carry out the transaction. 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 Meeting the MiFID II obligations will require effective compliance, operations and IT functions and work should be well underway at affected firms to ensure that they will be able to comply with the requirements next January. RTS 13 provides information on the exact format and content of reports. Information for audit trail, transaction and other reporting under the MiFID II/ MiFIR regime Version 2.8 Page 3 of 59 Table of Contents 1 Introduction 5 2 Transaction Reporting 6 2.1 Regulatory requirements 6 2.2 Transaction report fields 6 2.3 Additional information 16 2.3.1 FSE non-CCP transactions 16 It should not replace legal advice tailored to your specific circumstances. As a specialist in regulatory reporting solutions, we help our global client base to achieve regulatory compliance around the world. This briefing focusses on the transaction reporting requirements introduced by MiFID II as set out in the FCA's MiFID II implementation consultation papers (CP15/43 and CP16/43) and its impact on investment firms.

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