MIFIR

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General Introduction

The MIFIR reporting obligations will come into force very soon. This page has been create to help you to find the right answers to your questions. If not otherwise indicated, Fundsquare has answered to those questions. Should we as a official transmission channel obtain information from the regulatory body, we will indicate this accordingly.

Timeline

Date Event
until 11 December 2017 declaration towards the CSSF on who does what on MIFIR/MIFID2 reporting must be completed, see circular for more details.
Form can be found here: CSSF onboarding form
Must be sent to: transactionreporting@cssf.lu.
11 December 2017 MIFIR reporting available in test environment upon request
2 January 2018 last possible trade date for previous MiFID I transaction reporting
3 January 2018 MiFIR enters into force
31 January 2018 End of parallel run periode (where corrections and late declarations for trade dates equal and older than 2 January 2018 are accepted in the old format


Transition period

In order to ensure a smooth transition from the MiFID I regime to the new MiFID II/MiFIR regime, CSSF will operate both the new and the old transaction reporting systems in parallel until 31 January 2018.
It must be noted that the old system will reject any transaction report referring to a trading date after 2 January 2018, since the parallel run is only intended to allow for late declarations and error corrections of transactions executed prior to the entry into force date of MiFIR.
After 31 January 2018, the MiFID I transaction reporting system will be decommissioned.

Useful documentation

Commercial Offer

You are interested in an commercial offer on MIFIR reporting, do not hesitate to fill out the commercial offer request form [1] or contact us at relationship.management@fundsquare.net or by phone +352 28370-1.

It is required to subscribe to the MIFIR reporting module and in case of existing clients to update your service selection sheet before you can use our service.

Frequently asked Questions

As an official transmission channel to this reporting type, we will list all the questions we have obtained from our clients and the information we are able to provide either based on the available information or as the CSSF has provided us with a feedback (where indicated)

Question Fundsquare's statement
Test environment availablility The exact date when the test environment will be available will be communicated soon. It is planned to provide the test environment beginning of November to our clients.
Is the reporting part of my existing subscription The MIFIR reporting is a separate business module but Fundsquare has sent out a letter to all clients subscribed to Business Module 2.1 on how the transition of the previous reporting to the new reporting will happen. No action required from your end to ensure service continuity. If you haven't subscribed to the previous MIFID reporting (as you had no need), but you would like to use the MIFIR reporting now, please contact the ClientService Team of Fundsquare. We are happy to activate the service. By default only existing MIFID reporting clients will receive the MIFIR reporting already.
Required file format XML file according to ESMA's specifications
Maximum file size The regulator currently fixed the limit to 60MB per file, but this is subject to change
Maximum records per file no limit is known for the moment, the file size is the sole known limit
Declaration File naming convention CSSF - TAF Handbook
Header Information The information can be found on page 41 of the document ESMA - Technical reporting instructions
Business message identifier details The information can be found on page 41 of the document ESMA - Technical reporting instructions
File feedback message details The information can be found on page 41 of the document ESMA - Technical reporting instructions
Does the feedback message will contain personal information Le message de feedback va uniquement remonter les codes erreurs avec leurs messages comme défini dans les documents de l'ESMA. Les informations personnels reçu dans le transactions pourront être renvoyé si dans le message d'erreur est prévu d'inclure ce type d'information.
Est-ce que les déposants pourront transmettre des réponses aux feedbacks reçu par email ? Nous imaginons que la réponse à cette question est non que le flux s’effectuera via les canaux défini par la CSSF. Tout à fait les réponses aux feedback se feront via un nouveau fichier avec les corrections à destination de la CSSF (via les canaux externes). Ils pourront contacter l'équipe GFD en cas de questions comme à l'heure actuelle mais le processus d'échange et vérification des fichiers sera automatisé
Limits to the number of submissions each day An unlimited number of files can be transmitted per transmittor, however per file no more than 500000 transactions can be submitted (see XML of ESMA).
Submission cut-off time All transactions of a given day must be provided in the file of a given day
How is the transmission of the file to the authority organized? Fundsquare expects its clients to use the sending service to perform the submission of this reporting. It is directly transmitted to the authority once the sending service has handled the file.
What are the different status of the transmission of the document between the client and Fundsquare? If not otherwise noted, it is foreseen to keep the same type of processing on the sending service as we apply for other types of reporting of the same kind limited to the use of the sending service. (.trt, .acq). Followed by the status of the CSSF as outlined in their technical reporting instructions.
  • .trt - FSQ Status: file prepared for transmission
  • .acq - FSQ Status: file received by Fundsquare for further relay to the CSSF, it is NOT the confirmation that the file has been submitted to the CSSF. This status will be delived by the CSSF with their appropriate files.
  • any other status is outlined in the technical reporting instruction and furnished by the CSSF.
  • .err - FSQ Status: the transmission has not been completed successfully, please have a look at the log files of our sending service to detect the root cause. In case of questions, please contact cso.desk@fundsquare.net
Est-ce que la mise à jour du statut des transactions va impacter le statut du fichier? Et si oui, quels peuvent être les différents statuts possibles qui vont nous être envoyés pour le fichier ? Sur la base des statuts de chaque transactions le statut du message peut changer, si on a par exemple des transaction "Rejected" alors le statut du message sera PART (partially accepted).
Est-ce que la mise à jour du statut des transactions va impacter le statut du fichier? Et si oui, quels peuvent être les différents statuts possibles qui vont nous être envoyés pour le fichier ? Sur la base des statuts de chaque transactions le statut du message peut changer, si on a par exemple des transaction "Rejected" alors le statut du message sera PART (partially accepted).
Quelle est la convention de nommage à mettre en place pour les feedbacks, sont -il les mêmes types de documents que pour le TAF existant ? (annulation reporting une transaction, annulation reporting plusieurs transactions,..) Le nommage pour les fichiers de feedback TAF est :

"FDBTAFREP-Type d’entité+numéro signalétique-Date-SequenceNumber_Year.xml"

où

  • FDBTAFREP : Feedback reporting TAF Mifir
  • Type d'entité : usual entity type ex: "B" for Banks, "P" for (Professionals of the financial sector), "1" other entities not supervised by the CSSF
  • Numéro signalétique : 8 digits numerical sequence that corresponds to the CSSF codification
  • Date : transmission date of the feedback
  • Sequence number : 6 digits numerical characters
  • Year : current year

(Source: CSSF)

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