Is There a Need To Ensure Harmonization of EU Reporting?

We can assume that both regulators and market participants would benefit from harmonized reporting, but the indications are that this is still a distant hope. The next major round of reporting Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term is MiFIR, due for implementation in early 2017.

From initial consultations it seems there is less overlap than expected between the information which will be required for detection of market abuse under MiFIR and that which is already being collected to identify systemic risk under the EMIR regime. This means that for the foreseeable future many firms will be subject to a double reporting obligation, with MiFID and EMIR at the moment being replaced with MiFIR and EMIR from 2017.