ESMA updates data reporting Q&A
Published: 19 December 2017
On 18 December 2017, the European Securities and Markets Authority (ESMA) issued an updated Questions and Answers document covering data reporting issues under MiFIR.
Three main amendments were made:
- reporting FIRDS reference data for instruments for which the date of admission to trading/first trading on a trading venue is unknown, with ESMA confirming that a default value should be added unless a maturity date is available, which should instead be used;
- transaction and trade reporting when price is not available at the time of execution e.g., NAV for certain ETFs, with ESMA confirming that firms should use the code PNDG in the relevant price fields and as soon as the price becomes available cancel the original report and publish a new report using the new details; and
- a number of queries relating to multi-level reporting, ESMA confirming that the underlying of an instrument is the immediate underlying, rather than any ultimate underlying, and that the concept does not extend to investments in a collective investment undertaking or ETF. Such reporting does, however, cover ADRs, GDRs, convertible bonds and warrants where the direct underlying is subject to transaction reporting (including any basket/index component for warrants). In all cases, however, the underlying(s) of the instrument does not need to be reported, instead only the ISIN of the reportable instrument is necessary.