MIFIR

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
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

• The official communciation of the CSSF on this topic provides already a good overview on the different topics of interest and contains many useful links.
• The selection of additional documents on this topic on the website CSSF provides further insight.
• The XML schemas (XSD) can be found here. [1]

Commercial Offer

You are interested in an commercial offer on MIFIR reporting, do not hesitate to fill out the commercial offer request form [2] 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.
Is the reporting part of my existing subscription	The MIFIR reporting is a separate business module and needs to be subscribed by either entering into a contractual relationship with Fundsquare, or where existing, sign a new service selection sheet.
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
File naming convention	La nouvelle nomenclature à utiliser pour le reporting TAF est la suivante : "TAFREP-Type d’entité+Numéro signalétique-Date-SequenceNumber.xml" Exemple: “TAFREP-B00000001-2017-04-15-123456.xml” où : TAFREP : nom du reporting Type d’entité : Types d'entités habituels, p.ex. « B » pour Banque, « P » pour PSF, « I » pour PSF informatiques, « S » pour Société de gestion, « K » pour Sicar, « 1 » pour personne morale non surveillée par la CSSF, « A » pour manageurs d’AIF Numéro signalétique : séquence de 8 chiffres qui identifie le code interne CSSF de l’entité Date : date à laquelle le fichier est généré SequenceNumber : est un numéro de séquence sur 6 positions. Ce chiffre est complété par des 0 à gauche si nécessaire. Ce nombre est incrémenté chaque fois à chaque génération de fichier. (Lorsque 999999 est atteint, la séquence recommence à 000000. La séquence est réinitialisée à chaque début d’année) (Source: CSSF)
Header Information	The information can be found on page 41 of this document [[3]]
Business message identifier details	The information can be found on page 41 of this document [[4]]
File feedback message details	The information can be found on page 27 of this document [[5]]
Does the feedback message will contain personal information	The file will contain trasnaction information as per XSD
Limits to the number of submissions each day	The file must contain all transactions of the day.
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, ...). Other status may apply but are not known at this point of time.