On September 19, ISDA, the Association for Financial Markets in Europe, FIA and the Global FX Division of the Global Financial Markets Association submitted a joint response to the European Securities and Markets Authority’s (ESMA) Call for Evidence on streamlining of transaction reporting.
The call for evidence was published to help ESMA identify how the Level 1 regulatory text can be updated to improve efficiencies and reduce the costs of regulatory reporting for the industry, while maintaining strong regulatory oversight.
Various changes to the reporting framework were proposed in the call for evidence and the associations support several of these, including the elimination of duplicative reporting with a move towards ‘report once’ per transaction, single-sided reporting, a comprehensive review of all the data elements to be submitted to only include data points relevant to a given regime, and the development of unambiguous, machine executable logic to be published alongside the regulatory text. The response also recommends some changes that would streamline reporting in the short to medium term without requiring changes to the Level 1 text.
Based on the responses to the call for evidence, ESMA will produce a final report, which is expected to be published in the first quarter of 2026.
Documents (1) for ISDA, AFME, FIA, GFXD Respond to ESMA on Simplification of Financial Transaction Reporting
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