Exclusive: CySEC Reminds Some Brokers about MiFIR Reporting Obligations

Since the beginning of the year, brokers have had to comply with additional requirements for reporting obligations. MiFIR reporting has started with some mild hiccups in some jurisdictions, but those were quickly rectified as the rollout of MiFID II has been deemed rather smooth at this point, almost three months into the year.

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The Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) has sent out a letter to brokers that have been deemed to be trailing on their reporting obligations. The regulator has actually been analysing the transaction reports that were received via the centralised Transaction Reporting Exchange Mechanism (TREM).

The companies that have missed reporting have been instructed to examine the situation and submit an answer to the Cypriot regulator about the reasons for the delay by the 22nd of March.

CySEC is urging brokers to take the necessary measures to address the matter and submit their data to the technical system that the regulator implemented. The review of broker submissions was carried out in January.

Transaction Reporting

Last September, CySEC sent out to brokers a circular informing them of their obligations within the new transaction reporting regime. Some Cyprus Investment Firms who were reporting through ARMs may have also have received the letter in error, due to the well publicized NCA connecting issues in the early days of MiFID II.

The Markets in Financial Instruments entered into force on 3 January 2018. The regulation mandated Cyprus Investment firms that execute transactions in financial instruments to submit a thorough report of derivatives transactions to CySEC.

In their answer to CySEC, companies are expected to provide detailed information about the financial instruments on offer. The Cypriot regulator states that brokers may be exempted from submitting transaction reports if they can provide evidence of technical or other issues with the submission process.