ESMA Launches MIFID II and MAR Financial Instrument Reference Database
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.
Related Links
Keywords: Europe, EU, Securities, MiFID, MiFIR, MAR, FIRDS, Reporting, ESMA
Featured Experts
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Salman Siddiqui
ESG and climate expert for P&C insurance; IFRS 17 specialist and chartered accountant; extensive experience in both life and non-life insurance, with focus on capital management, financial performance, and financial reporting.
Previous Article
IMF Publishes Technical Notes Under FSAP with SwedenRelated Articles
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
BIS Bulletin Examines Cognitive Limits of Large Language Models
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
ECB is Conducting First Cyber Risk Stress Test for Banks
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
EBA Continues Momentum Toward Strengthening Prudential Rules for Banks
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
EU and UK Agencies Issue Updates on Final Basel III Rules
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards