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October 16, 2017

ESMA launched the second phase of its Financial Instrument Reference Database (FIRDS). ESMA had begun the first phase of FIRDS in July by collecting financial instrument reference data from reporting entities, in an effort to facilitate a smooth transition to the new Markets in Financial Instruments Directive (MiFID) reporting regime. ESMA also published instructions for market participants on how to access the data and download the relevant machine-readable files.

The launch of the second phase of FIRDS involves providing access to the database containing the currently available reference data that will eventually enable market participants to identify instruments subject to Market Abuse Regulation (MAR) and MiFID II/Markets in Financial Instruments Regulation (MiFIR) reference data reporting requirements. This will allow market participants to prepare their reporting systems ahead of the go-live date on January 03, 2018. The requirements of Article 27 of MiFIR and related technical standards oblige trading venues and systematic internalizers to submit reference data, from January 03, for the relevant financial instruments to national competent authorities, who will subsequently transmit it to ESMA for publication. The released data are subject to quality limitations, particularly regarding their completeness.

ESMA and the national competent authorities will continue to monitor and improve the quality and completeness of the published information. The advance publication of this data will facilitate markets participants’ preparation of their systems to fulfil future reporting obligations to the national competent authorities under MiFIDII/MiFIR. The availability of this information at this early stage will play an important role in assuring the quality of data that market participants report to the national competent authorities from January 03, 2018 onward.

 

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Keywords: Europe, EU, Securities, MiFID, MiFIR, MAR, FIRDS, Reporting, ESMA

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