On 28th July 2016, the European Commission published the final version of Regulatory Technical Standard(RTS) 22 of MiFID II, which specifies the way in which Investment Firms must report data to National Competent Authorities(NCA) under MiFID II. All Investment Firms are subject to the “Transaction Reporting” rules and must report data to  NCAs, in many cases via Authorised Reporting Mechanisms(ARMs). The requirement will apply to any energy and commodity market participant that either elects to, or is required to set up a “regulated entity” under MiFID II, due to the results of the (as yet non finalised) Ancillary Activity test.

This article on the Eversheds web site provides a summary of the requirements. The RTS can be found here, and the supplementary Annex with the field list here.

In the meantime, the FCA (UK NCA) have made this announcement of their new Market Data Processing system, to be used by them for all MiFID II data. This includes not only transaction data as referred to above, but also commodity derivative position reports, for those who must submit the data, as outlined in MiFID II ITS 4 and 5. It also includes other MiFID II items such as transparency data. Those who will send the data directly to the NCA, as opposed to one of the indirect routes, will need to use this portal for UK activity.