On the basis of responses received to this call for evidence, ESMA will define its further work on guidelines on harmonised transaction reporting, and launch a full public consultation.
This work is not related to the upcoming changes of the regulatory framework: it is considered necessary to improve the quality of the reporting in the current legal framework and to harmonise existing practices. However, while launching this work, ESMA acknowledges the legislative initiatives on MiFID and the related Regulation currently discussed in the Parliament and the Council. Therefore, the work on guidelines on harmonised transaction reporting will be carried out taking into account the progress of the negotiations. Should there be a significant difference in the content of the guidelines under preparation and the negotiated MiFID/MiFIR, or too short a time gap between the expected publication of the guidelines and the development of implementing measures under MiFID/MiFIR, the work on the guidelines will be moved into future work on implementing measures (e.g. technical standards). Hence, ESMA reserves the right to assess closer to the end of 2012 whether the outcome of this work will be finalised, made public and applicable before MiFID/MiFIR implementing measures come into force, or whether any publication is deferred to make it part of future implementing measures.
Call for evidence
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