On July 1, 2016, ESMA submitted two amendments to the European Commission on the final draft RTS on transaction reporting obligations under the MiFIR. The draft RTS were first submitted on September 25, 2015. The final draft RTS outlines transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other financial instruments such as bonds and derivatives.
MiFIR requires investment firms to report complete and accurate details of executed transactions in financial instruments to regulators as quickly as possible, but no later than the close of the following working day. The proposed amendments to the RTS relate to the use of national client identifiers for natural persons to be used in such transaction reports. The first of the proposed amendments require that “CONCAT” codes be used for identifying persons of German nationality instead of a “personal identity card number” or “national passport number”. The second proposed amendment relates to the incorrect translation into English of an Icelandic identity scheme.
The ESMA press release is available at: https://www.esma.europa.eu/press-news/esma-news/esma-proposes-two-amendmentsnatural-person-identifiers-under-mifid-ii.