Where transactions have been reported to a trade repository in accordance with Article 9 of Regulation (EU) No 648/2012 which is approved as an ARM and where those reports contain the details required under paragraphs 1, 3 and 9 and are transmitted to the competent authority by the trade repository within the time limit set in paragraph 1, the obligation on the investment firm laid down in paragraph 1 shall be considered to have been complied with. Transactions are reported. If the investment decision was made by an algorithm, the field shall be populated as set out in Article 8. Member States shall ensure that legal entity identifiers are developed, attributed and maintained in accordance with the following principles: (a) uniqueness; (b) accuracy; © consistency; (d) neutrality; (e) reliability; (f) open source; (g) flexibility; (h) scalability; (i) accessibility. The reporting obligation went live in January 2018. An investment firm shall not be deemed to have executed a transaction where it has transmitted an order in accordance with Article 4. true' shall be populated by the transmitting firm within the transmitting firm's report where the conditions for transmission specified in Article 4 were not satisfied, Code used to identify the firm transmitting the order, This shall be populated by the receiving firm within the, receiving firm's report with the identification code, Code used to identify the firm transmitting the order.This shall be populated by the receiving firm within the, receiving firm's report with the identification code provided. Each field in the report belongs to one of three data categories: The role of the LEI in a transaction report is to identify any party to the trade who is not a natural person. Execution venues including trading venues, systematic internalisers, market makers, liquidity providers (RTS 27 reports) and investment firms (including CFD/ FX brokers) who execute client orders through execution venues (RTS 28 reports) are required to report. The branch of a third country firm shall submit the transaction report to the competent authority which authorised the branch. In many cases this is a one to one mapping after accounting for some changes in the terminology used. Reporting of aggregated transactions is required at both the aggregate and allocation level. �V��)g�B�0�i�W��8#�8wթ��8_�٥ʨQ����Q�j@�&�A)/��g�>'K�� �t�;\�� ӥ$պF�ZUn����(4T�%)뫔�0C&�����Z��i���8��bx��E���B�;�����P���ӓ̹�A�om?�W= For trans­actions not carried out on a trading venue, the reports shall include a designation identifying the types of transactions in accordance with the measures to be adopted pursuant to Article 20(3)(a) and Article 21(5)(a). - Where a firm acts both as a receiving firm and a transmitting firm it shall populate field 25 to indicate that it is a transmitting firm and shall populate fields 26 and 27 from its perspective as a receiving firm. "Importantly, submission of transaction reports is not a new requirement introduced under MiFIR, but a revision of current applicable rules. The specifications on how they must be reported are detailed in RTS 22: regulatory technical standards on reporting transactions to competent authorities. the NAV for certain ETFs), how can investment firms fulfil their post-trade transparency obligations under Articles 20 and 21 of MiFIR and their transaction reporting obligations under Article 26 of MiFIR for those transactions? From 1 October 2021 - expand to cover foreign exchange derivative contracts, commodity derivative contracts & equity derivative contracts. order record keeping and clock synchronisation under MiFID II : Trading Venues should perform the checks that are prescribed under Article 5 and 13(3) of RTS 22. {INTEGER-3}+’DAYS’ – days {INTEGER-3}+’WEEK’ – weeks {INTEGER-3}+’MNTH’ – months {INTEGER-3}+’YEAR’ – years. Investment firms dealing on own account or on a matched principal trading basis are acting directly themselves and cannot 'transmit orders' in the aforementioned meaning, as any orders they submit to another firm or investment firm are their own orders rather than being transmission of an order received from a client or resulting from a decision to acquire or dispose of a financial instrument for a client under a discretionary mandate. Where a person or computer algorithm within the investment firm which executes a transaction determines which trading venue, systematic internaliser or organised trading platform located outside the Union to access, which firms to transmit orders to or any conditions related to the execution of an order, that person or computer algorithm shall be identified in field 59 of Table 2 of Annex I. A complete review of RTS 22 is required to fully understand MiFID II transaction reporting. - make a decision to acquire or dispose of a financial instrument in accordance with a discretionary mandate provided to it by its client and place it with another firm or investment firm; have a choice: either to comply with the transmission conditions set out in Article 4 of the said Regulation (EU) 2017/590 of 28 July 2016 or to report the transaction. A transaction report always contains an ISIN. The third part lists the specific checks that the investment firm must perform on the client’s LEI. Where the transaction is for a transmitted order that has met the conditions for transmission set out in Article 4, this field shall be populated by the receiving firm within the receiving firm's report using the information received from the transmitting firm. (c) financial instruments where the underlying is an index or a basket composed of financial instruments traded on a trading venue.