The regulations establish different reporting obligations:

In the MiFIR Regulation

  • Obligation to report transactions (Article 26): The transaction reporting requirements are established for investment firms that perform transactions with financial instruments. Under MiFID II-MIFIR, reportable transactions are those executed on financial instruments which are admitted to trading, are traded on a trading venue or whose admission to it has been requested, as well as on financial instruments whose underlying instrument is a financial instrument, or a basket or index composed of financial instruments, traded on a trading venue.

    Greater detail is required to complete the full and exact data of the executed transactions, the reporting obligation being maintained no later than the close of the next business day. This transaction reporting constitutes a common tool with which to monitor the activities of investment firms, thus helping to promote the integrity of the market.

  • Obligation to keep records (Article 25): Investment firms and trading venue managers must at all times make available to the competent authority, during a five-year period, the data related to all orders and all transactions they have carried out with financial instruments.

  • Obligation to provide reference data on financial instruments (Article 27): Trading venues must, on a daily basis, provide to the competent authorities the identifying reference data of the financial instruments admitted to trading on a regulated market or traded on an MTF or OTF. This information must be submitted before trading of the financial instrument commences. The reference data of the financial instruments will be updated whenever there are changes to the financial instrument. These notifications will be sent without delay by the competent authorities to ESMA, which will publish the data on its website immediately and provide access to the database to the competent authorities.

In the MiFID Directive

  • Obligation to report the positions of commodity derivatives (Article 58): Obligations are established for investment firms to report on a daily basis to trading venue managers and the competent authorities the breakdown of their own positions, as well as those corresponding to their clients and their clients’ customers, through to the final customer. These disclosures, as well as those that trading venue managers must make to the competent authorities, must be submitted in a common format to facilitate direct processing and reduction of costs for participants.

  • Obligation to synchronise business clocks (Article 50): The obligation for trading venues and their members or participants to synchronise the business clocks they use to record the date and time of any event to be reported.

Legal framework

Implementation at national level

How we can help

In order to make entities’ work easier, CNMV has set up the following e-mail addresses to reply to users´ queries about these issues: