ESMA Launches Call to Simplify Financial Transaction Reporting (MiFIR, EMIR, SFTR)

The European Securities and Markets Authority (ESMA) has launched a public call for evidence aimed at streamlining financial transaction reporting across EU markets. This initiative supports ESMA’s broader Data Strategy and its focus on burden reduction for market participants, with the following objectives:

• Rationalise data flows: Tackle overlapping obligations across regimes like MiFIR, EMIR, and SFTR.
• Harmonise processes: Improve alignment and consistency between regulatory requirements.
• Eliminate duplication: Remove redundant reporting channels and unsynchronised changes.

ESMA estimates that these overlaps cost the industry between €1 billion and €4 billion annually.

While feedback is being gathered, ESMA will delay changes to existing MiFIR regulatory technical standards (RTS 22, 23, and 24), allowing participants to freeze implementation efforts and reduce short‑term pain.

Next Steps

• Deadline: Stakeholders are invited to submit their contributions by 19 September 2025.
• Engagement: ESMA will host targeted discussions with key stakeholder groups to assess practical implications.
• Outcome: A final report, expected in early 2026, will outline the major cost drivers and recommend the most efficient path forward.

This initiative continues ESMA’s commitment to reducing complexity in financial reporting while preserving market transparency and regulatory oversight.