The deadline for submitting comments on the call for evidence, which is part of ESMA’s Data Strategy, passed on 19 September 2025.

ESMA, the EU’s financial markets regulator and supervisor, announced the call for evidence at the end of June 2025 to gather market feedback on simplifying and better integrating transaction reporting requirements. This initiative forms part of ESMA's Data Strategy, which aims to reduce the cost and complexity of supervisory reporting. Key proposals included eliminating overlaps between different reporting frameworks, such as MiFIR, EMIR and SFTR, and introducing a harmonised template reflecting the ‘once-only’ principle to consolidate multiple regulatory reporting obligations. ESMA emphasises the need for harmonisation and the avoidance of duplicated requirements. All interested parties were invited to submit their comments by 19 September.

ESMA also plans to consult with various stakeholder groups to evaluate the practical challenges of implementing the different options and gather additional feedback on the main cost drivers.

During the consultation and analysis of the feedback received, ESMA did not propose any changes to the existing reporting framework for transaction reports (RTS 22), order data (RTS 24), or reference data (RTS 23), as part of the MiFIR review. Instead, ESMA is publishing final reports summarising the feedback received from market participants during the consultation on the review of MiFIR transaction reporting, order books and reference data.
Based on this feedback, ESMA will publish a final report by the beginning of 2026 identifying the key cost drivers of supervisory reporting and outlining the proposed way forward.

The Call for Evidence document – ESMA12-437499640-3021 Call for evidence on a comprehensive approach for the simplification of financial transaction reporting