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As regards reporting of branches, CESR has identified that although specified by the MiFID Level 2 Regulation there may be cases where branches of investment firms would need to split the reporting of transaction between two competent authorities.
To limit the burden for reporting firms, CESR proposes a practical solution where under some conditions a branch could report all transactions carried out by the branch to the host competent authority. The exchange system will ensure that the relevant information is in the hands of all relevant authorities.
In cases where several intermediaries are involved in the execution of a transaction CESR proposed to harmonise the core content of reporting in such cases.
Finally CESR proposes to simplify the process of approving the reporting channels in cases where a reporting channel is willing to operate in several Member States.
Deadline for comments is 2 March 2007.
Press release
Consultation paper - CESR Level 3 Guidelines on MiFID Transaction reporting