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Financial Markets & Investor Protection

ABBL responds to ESMA consultation on simplifying financial transaction reporting

Published on 23 September 2025

The ABBL has submitted its contribution to the European Securities and Markets Authority’s (ESMA) Call for Evidence on a comprehensive approach to simplifying financial transaction reporting. This consultation is an important step in addressing longstanding challenges in regulatory oversight and industry compliance, particularly across the EMIR, MiFIR and SFTR regimes. Together, these frameworks represent one of the most resource-intensive areas of EU financial regulation.

Summary

    Why simplification matters

    Transaction reporting is essential to supervisory oversight, but today it suffers from complexity, duplication and high costs for reporting entities. Simplification is not only about reducing burdens: it is also key to improving data quality, enhancing supervisory effectiveness, and safeguarding Europe’s global competitiveness.

    While full implementation of any reforms is expected to take five to seven years, the consultation marks a decisive opportunity to shape the reporting framework for the decade ahead.

    ABBL’s key messages

    The ABBL’s response emphasises both short-term relief and long-term transformation:

    • Immediate relief through targeted measures: removing duplicative reporting fields can deliver quick wins and build trust in the reform process.
    • Towards a “report once” model: only a holistic transition to a single reporting framework will achieve genuine simplification, global alignment, and efficiency for EU markets.

    Looking ahead

    This contribution is not only a response to technical questions but a strategic call for regulatory simplification to shape the European reporting landscape for the next decade.

    By providing input at this stage, the ABBL and its members aim to prevent regulatory mis-calibration, avoid disproportionate implementation costs, and contribute to a framework that is both operationally realistic and future-proof.

    This work was coordinated by the ABBL Working Group on Market Infrastructures. The ABBL warmly thanks the group’s chairs, Natacha Dats (Bank Pictet & Cie, Europe) AG, Luxembourg Branch and Thor-Hagen Scheller (KPMG Luxembourg), for their leadership and support in preparing this contribution.

    Marilyn Rinck

    Marilyn Rinck

    Head of Banking Supervision, Financial Markets & ESG

    Published on 23 September 2025

    See all articles by Marilyn Rinck