FESE response on MiFID Transaction Reporting

14 March 2007

In its response to CESR’s Consultation on Level 3 guidelines on MiFID transaction reporting, FESE supports greater supervisory convergence and consistency, where these are properly justified and based on a thorough cost-benefits analysis. FESE urges CESR to amend the definition of a transaction to avoid divergent national regimes. CESR is asked to find a way of ensuring that the resulting implementation of this definition is consistent across the EU. In particular, separate reports should be avoided when a chain of transactions in fact constitutes only one.

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