EACB answers ESMA's Call of evidence on Transaction reporting

The European Association of Co-operative Banks (EACB) is pleased to comment on ESMA’s Call for evidence on Transaction reporting.
The European Co-operative Banks support high-quality reporting, as we regard this as an efficient mechanism for supervisory authorities to monitor the market. Nevertheless, the MiFID Implementing Regulation only provides the possibility for standardising reporting between national supervisory authorities, on the basis of transaction reports provided by investment firms to their competent authorities according to the relevant national Member States’ requirements. Furthermore, looking at the upcoming regulatory changes brought along through EMIR and MiFIR, we doubt that further harmonisation (between the relevant regulatory authorities) is still appropriate on the basis of current MiFID legislation.
We would therefore call for these remaining questions to be tackled by ESMA either by focusing their efforts on the current Level-2 implementing measures on EMIR (for OTC derivatives transaction reporting) or the upcoming measures on MiFIR.