CESR publishes transaction reporting responses
The Committee of European Securities Regulators has published a list of responses to its consultation paper on transaction reporting requirements for over the counter derivatives trades.
The regulator’s proposal is based on the assumption that those exempted from European Market Infrastructure Legislation (EMIL) will have to report their OTC trades to registered trade repositories.
However, the body now proposes that investment firms retain the possibility of complying with transaction reporting obligations under existing Mifid provisions. Investment firms reporting their transactions to a trade repository would be exempt from direct reporting under any new law if they made a commitment to report trades under Mifid rules.
Trade repositories would then be recognised as a valid third party reporting mechanism under Mifid. As long as...