On 2 July 2026, the European Securities and Markets Authority (ESMA) issued a Final Report on its Call for Evidence (CfE) on a comprehensive approach for the simplification of financial transaction reporting
Background
Transaction reporting obligations have expanded over time across multiple EU legislative regimes, most notably MiFIR, EMIR and SFTR, largely through a siloed approach to rulemaking. This has resulted in duplication, fragmented reporting processes and increasing compliance costs, raising concerns among market participants and authorities alike.
On 23 June 2025, ESMA launched a CfE on a comprehensive approach for the simplification of financial transaction reporting. On 4 May 2026, ESMA issued an Interim Report providing a summary of the feedback received during the CfE. Serving as an intermediate milestone, the Interim Report preceded the Final Report now published.
The Final Report is a key deliverable under ESMA’s broader Simplification and Burden Reduction initiative, aimed at addressing the growing complexity and operational costs associated with EU reporting requirements.
Final Report
The Final Report is intended to provide policymakers with a clear, prioritised and evidence‑based set of recommendations to address the most significant cost drivers identified in the current transaction reporting framework. These recommendations are designed to support informed decision‑making by EU institutions, distinguishing between measures capable of delivering short‑term relief and more structural options requiring longer‑term consideration.
Final Report focuses on the key structural changes needed in the respective Level 1 frameworks for reporting to allow for the simplification exercise to be implemented in more detailed Level 2 and 3 measures at ESMA level. The recommendations are not based on prescribing granular templates or detailed technical configurations upfront, but on establishing a clear mandate to develop the target simplification model through an iterative process, in dialogue with market participants and Member State competent authorities (NCAs). Detailed implementation matters, such as specific reporting scenarios or data points to be included in the revised reporting templates are not considered at this stage.
In the Final Report ESMA concludes that a meaningful simplification of transaction reporting cannot be achieved through isolated or purely incremental adjustments alone. It also concludes that a staged policy response is both feasible and warranted.
Report once
ESMA considers that a transition towards a “report once” framework represents the most effective and future‑proof approach to simplify transaction reporting across MiFIR, EMIR and SFTR. This integrated model would allow transaction data to be reported once through a common modular structure to reflect product specificities within one single framework. Such data that then can be reused across NCAs and supervisory mandates, reducing duplication while preserving the information needed for effective supervision.
A central implication of the “report once” approach is that it cannot be achieved by simply merging legal obligations while keeping the current reporting chain intact. To maximise benefits, the future framework must be accompanied by a reformulation of reporting infrastructures and data flows.
Next steps
ESMA will engage with EU institutions on the proposed recommendations set out in the Final Report.
The implementation of the integrated “report once” approach will require targeted legislative changes, a phased implementation and an inclusive dialogue with industry technical experts, allowing for coordinated development of reporting templates, data standards and streamlined infrastructure.