The European Securities and Markets Authority has published its final report on simplifying EU transaction reporting, recommending a staged shift to a single integrated framework across the Markets in Financial Instruments Regulation, the European Market Infrastructure Regulation and the Securities Financing Transactions Regulation based on a "report once" principle. The proposed end-state is a common modular reporting structure and streamlined reporting channels so firms report transaction data once and authorities can reuse it across supervisory mandates, reducing duplication while preserving the information needed for supervision. The review identifies three main sources of cost and complexity in the current system: frequent and unsynchronised regulatory changes, overlapping reporting across frameworks and channels, and dual-sided reporting with associated reconciliation. ESMA's cost-benefit analysis indicates the integrated model could generate annual net savings of EUR 250 million to EUR 1.0 billion, cut recurring costs by around 22% to 24% and deliver EUR 1.2 billion to EUR 4.9 billion in discounted net benefits over 10 years, with implementation costs recovered within three to four years. Alongside that longer-term reform, ESMA proposes near-term burden-reduction measures including broader delegated reporting, streamlined intragroup exemption procedures under EMIR and targeted MiFIR, EMIR and SFTR adjustments to reduce low-value or duplicative reporting requirements. ESMA will now engage with EU institutions on the recommendations. The integrated model requires targeted Level 1 legislative changes and phased implementation. In ESMA's optimistic scenario, if those legislative changes are completed by mid-2028, the integrated Level 2 template could be completed by mid-2029, IT development by mid-2030 and the fully integrated solution could be in place toward H2 2031.
European Securities and Markets Authority2026-07-02
European Securities and Markets Authority sets out report once transaction reporting reform with up to EUR 1.0 billion in annual savings
The European Securities and Markets Authority has issued a final report recommending a staged move to a single "report once" transaction reporting framework across MiFIR, EMIR and SFTR. It estimates annual net savings of EUR 250 million to EUR 1.0 billion and recurring cost reductions of 22% to 24%, while also proposing shorter-term measures such as broader delegated reporting and targeted simplifications to existing rules. The integrated model requires legislative change and, on ESMA's stated optimistic timeline, could be fully in place toward H2 2031.