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Data reporting under MiFIR

Just before the Christmas break, as part of its quick-fire release of numerous important updates, ESMA published a new Questions and Answers document that covers MiFIR data reporting.  Broken down into two separate sections, the document looks specifically at (i) LEI of the issuer and (ii) date and time of the request of admission and admission.

(i) LEI of the issuer

This section contains four questions and answers that begin by clarifying the status of the recently introduced ‘Registration Agent’ by GLEIF and its applicability in cases where the LEI of the issuer cannot be obtained by operators of trading venues or systematic internalisers (SI).  In this case, access to the network of registration agents should enable trading venues and SIs to assist the issuer applying for the LEI to access the network of LEI issuing organisations.

The Q&A also clarifies that, when the issuer LEI code is missing but the Ultimate Parent Code LEI is available, it will not be sufficient to provide only the latter, even on a temporary basis.  The Issuer LEI code is final and reference is made to MAR, EMIR and the Transparency Directive, where this procedure is also in operation.

The final Q&A confirms that trading venues and SIs will not be responsible for ensuring that the issuer has paid the annual fees for LEI renewal.

(ii) Date and time of the request of admission and admission

This section contains three short questions that confirm when the dates in field 10 (date of request for admission to trading) and field 11 (date of admission to trading or date of first trade) occur too far in the past e.g., prior to the date of application of MiFID I rules and the introduction of the concept of Regulated Markets, then the date of establishment of the given trading venue/SI or the application date of MiFID I can be used.  It also confirms that midnight can be used as a default time in these instances, if the time is not known.

With the countdown clock ticking down to the implementation deadline for MiFIR, we can expect further sections and additional questions and answers to be added to this document, which you can keep up to date with by subscribing to our alerts, following us on twitter or checking out our MiFID LinkedIn group for updates.