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
11 December 2017	MIFIR reporting available in test environment
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. 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	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	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 the Helpdesk at +325 280 370 211.||
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 PSF, "I" for PSF informatiques, "S" for société de gestion, "K" for Sicar, "1" for personal entity non regulated by the CSSF, "A" for AIF managers 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)