MiFIR 3 - Timeline of Upcoming Transaction Reporting Changes

Date

EU - MiFIR Transaction Reporting Developments

UK – MiFIR Transaction Reporting Developments

Mar-21

• ESMA publishes a comprehensive report on the functioning of MiFIR Article 26 reporting, identifying issues and recommending improvements.

• This report lays groundwork for legislative changes.

• HM Treasury launches the Wholesale Markets Review (WMR) to evaluate post-Brexit reforms to the UK’s MiFID II/MiFIR framework.

28 Mar 24

• MiFIR Review enters into force, amending Article 26 (transaction reporting).

• Changes will require new RTS before taking effect.

3 Oct 24

• ESMA publishes Consultation Paper on revised RTS 22 (transaction data reporting), proposing new fields (effective date, entity ID, chain ID, etc.) and other changes.

• Consultation runs until January 2025.

7 Nov 24

• FCA issues Market Watch 81 newsletter highlighting ongoing problems with incomplete or inaccurate transaction reports and the need to improve data quality.

• This reinforces UK’s focus on better reporting.

14 Nov 24

• HM Treasury policy statement announces intent to revoke retained MiFIR transaction reporting provisions and delegate design of a new UK regime to the FCA.

• This paves the way for UK-specific rules, diverging from EU.

15 Nov 24

• FCA Discussion Paper DP24/2 published, launching a review of the UK transaction reporting regime. It seeks feedback on potential field changes, scope, and simplification.

• Open for comments until Feb 2025.

17 Jan 25

• ESMA consultation on RTS 22 closes (deadline for industry feedback).

• ESMA begins drafting final RTS amendments based on input.

14 Feb 25

• FCA’s DP24/2 comment period closes.

• FCA to consider feedback on improving data fields, reducing burdens, etc.

Q1-25

• ESMA to publish a Final Report and submit the revised draft RTS 22 to the European Commission for endorsement.

• ESMA indicated this is expected by end of Q1 2025.

• 2025 (Expected): FCA to publish a Consultation Paper with specific proposals for new UK transaction reporting rules.

• This would outline actual field changes or policy decisions, based on DP24/2 feedback.

H2-25

• European Commission and co-legislators likely approve the new RTS 22 by late 2025 (typical ~6–9 month process after Q1 submission).

• Go-Live: ESMA has suggested a 12-month implementation period for firms after final technical standards are published, pointing to a possible late 2025 or early 2026 application of the new reporting requirements.

• TBD 2025–2026: FCA and HMT to finalize UK MiFIR reforms. Depending on consultation outcomes, the UK could enact new transaction reporting rules by 2026.

• UK firms would then transition to the revised regime (with potential divergence in reportable fields and scope from the EU). 

Regulatory Output (Framework)

Expected Timeline

Actual Publication/Delivery

Delay

MiFIR RTS 22 – Transaction Reporting (MiFID II/MiFIR)

Expected to apply from 3 Jan 2017 (MiFID II original go-live)​

In force on 3 Jan 2018 (final RTS in Commission Delegated Reg. 2017/590)​

12-month delay

MiFIR RTS 23 – Reference Data (MiFID II/MiFIR)

Expected to apply from 3 Jan 2017 (MiFID II original go-live)​

In force on 3 Jan 2018 (final RTS in Commission Delegated Reg. 2017/585)​

12-month delay

EMIR Margin RTS – Final phase of Initial Margin for non-cleared derivatives (EMIR)

All covered counterparties initially to exchange margin by 1 Sep 2020 (original final phase-in deadline)

Final phase took effect 1 Sep 2022 after two one-year extensions (smallest counterparties delayed)​

24-month delay

EMIR Refit Reporting Standards – Revised RTS/ITS for trade reporting (EMIR)

ESMA mandated to deliver draft standards by 18 Jun 2020 (per EMIR Refit Regulation)​

ESMA’s final report submitted late 2020; EU adopted final rules in 2022 (reporting start April 2024) – effectively ~6 months behind initial schedule

~6-month delay

SFTR Reporting Go-Live (Phase 1) – Trade reporting for banks (SFTR)

Initially scheduled for 13 Apr 2020 (first wave of SFTR reporting go-live)

Actually went live on 13 Jul 2020 after ESMA’s COVID-19 deferral (NCAs applied 3-month forbearance on enforcement)

3-month delay

MAR Review Report – ESMA’s technical advice on Market Abuse Regulation

EU Commission’s review report was due by 3 Jul 2019 (MAR Article 38 mandate)​ – implying ESMA’s input expected by mid-2019

ESMA delivered its MAR review report on 24 Sep 2020, with proposals to amend MAR (Commission report published subsequently)

~14-month delay