The European Securities and Markets Authority has published a final report proposing a common EU framework for investment fund reporting and an interim report on simplifying transaction reporting. For funds, ESMA proposes replacing fragmented national reporting with a single modular EU template built around a "report once, use many times" approach, with data collected nationally but validated, stored and analysed through an EU-level hub. For transaction reporting, ESMA has concluded from consultation feedback that the two options worth pursuing are an instrument-based simplification and a longer-term integrated "report once" framework across the European Market Infrastructure Regulation, the Markets in Financial Instruments Regulation and the Securities Financing Transactions Regulation, while no policy recommendations are being made yet. On funds reporting, the proposed model is designed to reduce duplicate requests, improve consistency and support data sharing between authorities, while remaining proportionate across different fund sizes and strategies. ESMA says the first implementation phase would consolidate reporting under the Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive, with a later phase extending the integrated framework to money market fund and statistical reporting and potentially other obligations. On transaction reporting, feedback from more than 100 respondents pointed to overlapping and inconsistent requirements, unsynchronised rule changes, fragmented reporting channels and dual reporting as the main cost drivers. ESMA also says only Scenario 1a based on instrument delineation and Scenario 2a based on a "report once" model merit further assessment, while the event-based and broader expansion options attracted negligible support. Next steps on funds reporting include a consultation paper later in 2026 and draft regulatory and implementing technical standards by April 2027, with phase 1 go-live expected in H1 2029 at the earliest. For transaction reporting, ESMA will hold an open hearing on 28 May and plans to publish final recommendations, supported by a cost-benefit analysis, by July 2026.
European Securities and Markets Authority 2026-05-04
European Securities and Markets Authority sets EU blueprint for integrated fund reporting and narrows transaction reporting reform options
The European Securities and Markets Authority has issued a final report proposing a common EU framework for investment fund reporting and an interim report on simplifying transaction reporting. ESMA proposes replacing fragmented national fund regimes with a single modular EU template under a “report once, use many times” model, with data collected nationally but validated, stored and analysed via an EU-level hub. For transaction reporting, ESMA will further assess an instrument-based simplification and a longer-term integrated “report once” framework across EMIR, MiFIR and SFTR, without yet making policy recommendations.