Transaction-level reporting under EU markets regulation: MiFIR Article 26 trade reports to NCAs, EMIR derivatives reporting to trade repositories, SFTR for securities financing transactions, and the ESMA active account requirement under EMIR 3.0. This section also covers EMIR initial margin reporting and the IM model authorisation regime now applying to firms above the IM threshold. Articles explain the field-level requirements, lifecycle events (new, modify, terminate, error correction), reconciliation expectations, and the most common reporting errors that trigger NCA queries. Start with the MiFIR transaction reporting guide for the Article 26 fundamentals or the EMIR reporting guide for derivatives reporting essentials.
ESMA opened a consultation on 18 August 2026 on the technical standards that turn EMIR Article 7d into a working return, and comments close on 12 October 2026. Article 7d, added to EMIR by Regulation (EU) 2024/2987 (EMIR 3), requires clearing members and clients that clear contracts through a central counterparty recognised under Article 25…
On 8 September 2026, the Canadian Depository for Securities (CDS) begins the first, dry-run stage of the fail fee framework for Government of Canada (GoC) securities. During this stage, CDS calculates indicative 50 basis point fees for chargeable seller-side DvP fails in GoC bills, nominal bonds, real return bonds and strips. CIMPA and CDS, on…
On 14 August 2026 ESMA confirmed that the reworked weekly commodity derivatives position reporting framework goes live on 3 September 2026. From that date, an investment firm or market operator operating an EU trading venue whose relevant contract is subject to the Article 58 weekly-reporting obligation must submit the weekly report to ESMA using the…
11 October 2027 is the government-supported first trading date for the UK T+1 transition. HM Treasury has committed to legislate for that date, but its latest published statutory instrument is still draft and subject to affirmative parliamentary approval. Under the draft, UK CSDR Article 5(2) would require in-scope transactions in transferable securities executed on a…
On 3 August 2026 the Financial Conduct Authority published PS26/15, the policy statement that finalises its overhaul of UK transaction reporting. From 3 April 2028, firms reporting under UK MiFIR will populate 52 fields instead of 65, will no longer report foreign exchange derivatives, and will drop roughly 7 million instruments that trade only on…
On 3 August 2026 the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, acting together as the ESAs, sent the European Commission a final report and a set of draft regulatory technical standards that rewrite one paragraph of the EMIR bilateral margin requirements. The paragraph is…
On 29 January 2026 the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued a joint consultation on a small but consequential part of the Hong Kong OTC clearing rules: the calculation periods that decide when a firm is caught by the mandatory clearing obligation. The regulators proposed to stop adding…
On 23 February 2026 ESMA opened a consultation (paper reference ESMA91-1505572268-4513) on the draft regulatory technical standards that set the conditions for using guarantees as CCP collateral at an EU central counterparty. The consultation closed on 30 April 2026. The subject is narrow on paper and wide in practice: the draft RTS amends Commission Delegated…
The number that decides whether a firm falls inside the EU clearing obligation is about to be measured differently. Under EMIR 3, Regulation (EU) 2024/2987, the EMIR 3 clearing thresholds stop asking how much a counterparty trades over the counter and start asking how much it leaves uncleared. On 25 February 2026 ESMA published its…
On 6 July 2026 the CSSF published a single spreadsheet on its website, the active account notification form under Article 7a(1) of EMIR. It carries more weight than its size suggests. This EMIR active account notification is the declaration a Luxembourg financial or non-financial counterparty makes to say whether it has been pulled inside the…