In response to a call for evidence on a comprehensive approach for the simplification of financial transaction reporting from the European Securities and Markets Authority (ESMA), the Alternative Investment Management Association (AIMA) called for:
- Single-sided MiFIR transaction reporting – the current dual-sided regime places disproportionate burdens on buy-side firms and is out of step with global practices.
- Single-sided EMIR and SFTR reporting – Delegated reporting is not a viable solution. Buy-side firms remain legally accountable for reports submitted on their behalf, but often lack the tools or visibility to verify the data or address errors in a timely manner.
- A centralized portal for short selling reporting – Firms currently face a patchwork of national portals, formats and submission processes. An ESMA-led single platform would streamline reporting and improve consistency across the EU.
- A centralized, authoritative data set for shares outstanding – This data is often difficult to source and verify, due to inconsistencies in how issuer disclosures are made across member states.