Is There a Need To Ensure Harmonization of EU Reporting?

Thursday, 09/10/2014 | 00:01 GMT by Mark Kelly
  • We can assume that both regulators and market participants would benefit from harmonized reporting in the EU.
Is There a Need To Ensure Harmonization of EU Reporting?
Photo: Bloomberg

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 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.

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 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.

Topics
emir
eu
About the Author: Mark Kelly
Mark Kelly
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Mark Kelly is a Director at Abide Financial Limited, who are a UK Approved Reporting Mechanism for MiFID and offer a hub service for EMIR trade reporting, routing client transaction reports to Trade Repositories. Abide has helped dozens of financial services firms to comply with the EMIR regulations, since mandatory trade reporting began in February 2014. Mark has been working in the financial services sector in London and New York since 1990, and has occupied senior Audit and Compliance positions in Salomon Brothers, Lehman Brothers and Barclays Capital. For the past six years he has worked as a compliance auditor and consultant, advising UK firms on how to implement technology solutions which comply with regulatory requirements. He specialises in addressing the particular needs of those caught by the MiFID reporting requirements and in helping firms to meet their EMIR obligations. Mark has a BA and PhD from the University of Mark Kelly is a Director at Abide Financial Limited, who are a UK Approved Reporting Mechanism for MiFID and offer a hub service for EMIR trade reporting, routing client transaction reports to Trade Repositories. Abide has helped dozens of financial services firms to comply with the EMIR regulations, since mandatory trade reporting began in February 2014. Mark has been working in the financial services sector in London and New York since 1990, and has occupied senior Audit and Compliance positions in Salomon Brothers, Lehman Brothers and Barclays Capital. For the past six years he has worked as a compliance auditor and consultant, advising UK firms on how to implement technology solutions which comply with regulatory requirements. He specialises in addressing the particular needs of those caught by the MiFID reporting requirements and in helping firms to meet their EMIR obligations. Mark has a BA and PhD from the University of Durham and during his career has gained professional qualifications in Internal Audit, Computer Audit and Financial Services Compliance.

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