ESMA publishes interim report on simplification of financial transaction reporting

ESMA has published an interim report on transaction reporting on the call for evidence on a comprehensive approach for the simplification of financial transaction reporting under the Markets in Financial Instruments Regulation (600/2014) (MiFIR), the European Market Infrastructure Regulation ((EU) No 648/2012) (EMIR), the Securities Financing Transactions Regulation ((EU) 2015/2365) (SFTR) and sectoral regulation. The report was published as part of ESMA's broader simplification and burden reduction agenda for EU reporting frameworks. The interim report provides a summary of the feedback to its June 2025 call for evidence.

Most respondents indicated that overlapping and inconsistent reporting requirements, frequent and unsynchronised regulatory changes, fragmented reporting channels and dual reporting are major drivers of cost and complexity. Further to the feedback it received, ESMA has updated the four guiding principles presented in the call for evidence. They now focus on preserving information value, decreasing overlaps, pursuing global alignment and balancing costs and benefits. The feedback has also enabled ESMA to carry out more detailed analysis on two of its proposed simplification options, namely scenario 1a (delineation by type of instrument) and scenario 2a (report once model).

The report does not yet include policy recommendations. Next steps for ESMA include further engagement with market participants, including through an open hearing on 28 May, before publishing final recommendations expected by July.

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