We All Know About EMIR Refit But What About The Next MiFIR Changes?

EMIR Refit has been receiving a lot of press recently with its upcoming changes to the format of reporting and additional data elements.  Alongside this, ESMA has been working on changes to MiFIR  given that the regime commenced over five years ago.

What are the MiFIR changes about?

ESMA has recently released a consultation paper in relation to their proposal on a Level 3 guidance for post-trade transparency fields.  

This Level 3 guidance acts as a manual and is intended to support the practical implementation of post-transparency requirements. The main focus of this manual is:

  • the scope of instruments and transactions subject to post-trade transparency to improve consistency and usability of information published
  • the reporting to ESMA’s FITRS for the performance of the transparency calculations

Who’s affected?

The changes only apply to entities subject to post-trade transparency reporting, such as some Investment Firms, Systematic Internalisers, trading venues and Approved Publication Arrangements (APA).  If you are unsure whether you have post-trade transparency obligations, we have previously written about who has the obligation to meet the MiFIR Trade Publication Requirements which would apply here.

What’s the timeline?

The consultation paper seeking feedback was completed on the 31 March 2023 on areas concerning CFI code (Section 4), the reporting fields in RTS 1 and RTS 2 (Section 5 and 6) and changes to flagging regime (Section 7). ESMA will evaluate and respond to the consultation feedback and should provide an update to their timeline shortly.

Should you need further clarification on how these MiFIR changes will affect your business operations or if you are overwhelmed by the additional requirements outlined, please get in touch with us.

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