EU · MiFIR · TITLE IV TRANSACTION REPORTING
Article 27 MiFIRObligation to supply financial instrument reference data
Requires trading venues to provide ESMA with identifying reference data for instruments admitted to or traded on them (and designated publishing entities for certain OTC derivatives, based on a unique product identifier) before trading begins, updating it on change, for transaction reporting and transparency; ESMA publishes the data and runs arrangements to ensure its receipt, quality and transmission to authorities, with RTS on standards and formats.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2019/2175 | Text amended; Provision replaced | by 1 Jan 2022 |
| Regulation (EU) 2024/791 | Text inserted | 28 Mar 2024 |
Level 2: delegated and implementing acts
- Delegated actIn forceLegal basis
AI summarySpecifies the identifying reference data for OTC interest rate swaps and credit default swaps (asset class, instrument type, underlying type, currencies, reference rates and tenors, maturities and similar attributes) used to determine which OTC derivatives fall within the post-2024 MiFIR transparency requirements in Article 8a(2) and Articles 10 and 21.
- RTSIn forceLegal basis
AI summaryRTS 23 on financial instrument reference data: sets the content, standards and format of the data that trading venues and systematic internalisers must send to competent authorities under Article 27 MiFIR, submission deadlines, ISIN and LEI identification, and the arrangements for ESMA and competent authorities to receive, check, exchange and publish the data.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredInferred · 85%
AI summaryTo report the issuer of EEA sovereign bonds in FIRDS, firms should use the LEI of the relevant sovereign entity as registered with GLEIF; ESMA lists the LEI to use for each country.
- Q&AAnsweredInferred · 80%
AI summaryVenues and systematic internalisers that reported phase 4 emission allowances, or futures on them, in FIRDS with the wrong ISIN must terminate those records and resubmit them using the Commission's phase 4 ISINs (EU000A2QMW50 or EU000A2QMW68), as the instrument or the underlying.
- Q&AAnsweredExplicit reference · 90%
AI summaryPhase 4 EU emission allowances must be reported in FIRDS with the ISINs published by the Commission (EU000A2QMW50 for EUAs and EU000A2QMW68 for aviation allowances), also used as the underlying code for derivatives on them; ESMA gives worked RTS 23 examples.
- Q&AAnsweredInferred · 80%
AI summaryFor depositary receipts, RTS 23 field 5 should carry the LEI of the issuer of the underlying instrument (for example the issuer of share A), not of the depositary receipt itself.
- Q&AAnsweredInferred · 85%
AI summaryFIRDS field 17 should follow the prospectus or admission document: the nominal value per unit for instruments issued in units, or the minimum traded value (minimum denomination, otherwise the lowest multiple) for instruments issued in nominal amounts.
- Q&AAnsweredInferred · 80%
AI summaryFor units issued by an AIF or UCITS, RTS 23 field 5 should carry the fund's own LEI, and for umbrella structures the LEI of the relevant sub-fund.
- Q&AAnsweredExplicit reference · 90%
AI summaryESMA sets out, with a worked example, how an FX forward traded on a venue is transaction-reported under Article 26 MiFIR (price as the forward rate, quantity and currency in the base currency, buyer determined by ISO 4217 alphabetical order) and reported as reference data to FIRDS under Article 27.
- Q&AAnsweredInferred · 85%
AI summaryFor electricity derivatives in RTS 23 reference data, the price multiplier should be reported in MWh: the number of delivery hours in the delivery period multiplied by the lot size in MW.
- Q&AAnsweredInferred · 85%
AI summaryWhere RTS 23 requires an expiry date but the instrument has none (for example perpetual FX rolling spot futures), field 24 should be 9999-12-31, updated if an expiry date is later set.
- Q&AAnsweredInferred · 90%
AI summaryVenues operating on a defined list of instruments must report reference data under Article 27 MiFIR and RTS 23 for the instruments on that list, which are 'traded' on the venue even before any order or quote is placed.
- Q&AAnsweredInferred · 85%
AI summaryWhere the termination date was left blank, reporting entities must fill it in FIRDS when an instrument is terminated, including when it matures or expires, and it must not be later than any maturity or expiry date reported.
- Q&AAnsweredInferred · 85%
AI summaryMaturity and expiry dates in reference data should be those set by the issuer or prospectus, without moving them to a working day when they fall on a weekend or holiday.
- Q&AAnsweredInferred · 80%
AI summaryFor bonds not paid out at their intended maturity (for example after a default), the maturity date in reference data should be set to 9999-12-31 until they are redeemed, and then updated to the actual redemption date.
- Q&AAnsweredInferred · 85%
AI summaryIn RTS 23 reference data (and related MAR reports), the issuer identifier must be the LEI of the issuer's head office, even where a branch may be eligible for its own LEI.
- Q&AAnsweredInferred · 85%
AI summaryFor bonds, trading venues must update the total issued nominal amount (field 14) and nominal value per unit (field 17) in reference data whenever they change, reporting the amount actually issued for that ISIN (including taps and buy-backs), not the size of the issuance programme.
- Q&AAnsweredExplicit reference · 90%
AI summaryESMA sets out scenarios for how trading venues and systematic internalisers should populate reference data fields 8 to 11 under Article 4 MAR and Article 27 MiFIR; an issuer's request for admission counts as approval of trading on that venue, and field 9 is left blank if the issuer later withdraws it.
- Q&AAnsweredExplicit reference · 90%
AI summaryAn FX swap executed or admitted to trading on a venue is transaction-reported and reference-data-reported as an FX swap (and an FX forward as a forward), on or off venue, with worked examples of the fields including price in swap points.
- Q&AAnsweredExplicit reference · 90%
AI summaryESMA gives worked examples of transaction reports and reference data for interest rate swaps: in a fixed-to-floating swap the buyer is the payer of the fixed rate, reported as the price; in a float-to-float basis swap the buyer is the payer of the spread (reported as the price, even if negative), with rules for ordering the legs.
- Q&AAnsweredInferred · 85%
AI summaryInterest rate swaps with the same expiry date, tenor (field 41) and other reference data share an ISIN, so a forward-starting swap can have the same ISIN as a spot-starting one; a different tenor or expiry means a different ISIN, as ESMA's examples show.
- Q&AAnsweredInferred · 85%
AI summaryIf the date of admission to trading or first trade is not known when reference data is submitted to FIRDS, field 11 should be reported as 9999-12-31T00:00:00, or the maturity or termination date if there is one, and amended once the actual date is known.
- Q&AAnsweredInferred · 80%
AI summaryWhere a swap's fixed rate or an option's strike price is an attribute of the transaction rather than the instrument, the transaction report carries it as the price (with the option premium as the up-front payment) and the reference data leaves the field empty, for the CFI codes ESMA specifies.
- Q&AAnsweredInferred · 85%
AI summaryFor bonds whose coupon follows a complex formula involving several indices, RTS 23 reference data should leave the fixed rate and index identifier blank, give the index name as 'FORMULA' and the index term as '0 DAYS'.
- Q&AAnsweredInferred · 80%
AI summaryRTS 23 field 3 (the CFI code under ISO 10962) and field 23 (bond seniority under ISO 20022, debt instruments only) follow different standards, and no validation rule compares them.
- Q&AAnsweredInferred · 85%
AI summaryFor perpetual debt instruments, the maturity date in RTS 23 field 15 should be 9999-12-31.
- Q&AAnsweredInferred · 80%
AI summaryWhere a reference data field cannot hold the full value, it should be rounded to the nearest integer; a base point spread of 0.5 is reported as 1.
- Q&AAnsweredInferred · 85%
AI summaryReference data reported under RTS 23 must use the ISO 10962:2015 version of the CFI code.
- Q&AAnsweredInferred · 85%
AI summaryWhere a venue receives several requests on the same day to admit an instrument to trading, field 10 of RTS 23 should show the date and time of the first request.
- Q&AAnsweredInferred · 85%
AI summaryRTS 23 field 11 should hold the date and time of whichever happens first: admission to trading, or the first trade, order or quote.
- Q&AAnsweredInferred · 85%
AI summaryWhere reference data reporting is triggered by an order, quote or trade, the instrument's ISIN must be obtained in time to be included in the RTS 23 submission.
- Q&AAnsweredInferred · 85%
AI summaryFor futures on sovereign bonds, the underlying instrument code should be the ISIN of the cheapest-to-deliver bond or, if unknown, of any bond of that issuer; the same applies in transaction reports for OTC derivatives with a choice of deliverable bonds.
- Q&AAnsweredInferred · 85%
AI summaryField 8 of RTS 23 is 'true' if the issuer requested admission to trading or the venue knows the issuer approved it, and 'false' otherwise.
- Q&AAnsweredInferred · 80%
AI summaryReference data fields 10 and 11 (date of request for admission to trading and date of admission) may carry the same value where both happen on the same day.
- Q&AAnsweredInferred · 85%
AI summaryFor instruments admitted to trading long ago, venues should give the actual dates of request and admission if known; otherwise they use the later of the date the venue was established and 1 November 2007, when MiFID I applied.
- Q&AAnsweredInferred · 85%
AI summaryWhere the time of a request for admission or of admission to trading is not known, RTS 23 fields 10 and 11 should use the default time of midnight (00:00:00).
- Q&AAnsweredInferred · 80%
AI summaryVenue operators and systematic internalisers may enter their own LEI as the issuer in RTS 23 field 5 only for financial instruments they themselves create or issue.
- Q&AAnsweredInferred · 80%
AI summaryWhere an issuer's LEI cannot be obtained, venues and systematic internalisers should remind issuers of their obligation to obtain one and may help them through GLEIF's 'Registration Agent' arrangement.
- Q&AAnsweredInferred · 80%
AI summaryThe LEI of the ultimate parent cannot replace a missing issuer LEI, even temporarily, because the issuer's LEI determines the relevant competent authority; issuers already need LEIs under MAR, EMIR and the Transparency Directive.
- Q&AAnsweredInferred · 80%
AI summaryIssuers must keep their LEI renewed, but trading venues and systematic internalisers are not required under RTS 23 to ensure that an issuer's LEI has been renewed.
- OpinionPublishedESMA rulebook
AI summaryESMA opinion (ESMA70-156-117) on when an OTC derivative counts as 'traded on a trading venue' (TOTV) for MiFIR transparency, transaction reporting and reference data: only where it shares the same reference data details as a derivative traded on a venue, as identified by its ISIN; ESMA will monitor how the concept is applied.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document (ESMA70-1861941480-56, last updated 31 March 2023) on MiFIR data reporting, chiefly financial instrument reference data and transaction reporting: issuer LEIs, admission dates, instrument and underlying codes, maturity dates, CFI and FISN codes, bond fields and business cases. It is no longer updated; later Q&As are in ESMA's Q&A tool.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's legacy Q&A document (ESMA70-460-189, last updated 2 June 2023) on applying the DLT Pilot Regime, covering transaction reporting, financial instrument reference data, order record keeping and transparency for DLT market infrastructures, DLT financial instruments, cash settlement and exemptions from CSDR.
Commentary
No law-firm commentary is linked to this provision yet.
219 more documents relate to MiFIR as a whole without naming an article.
UK counterpart
- Article 27 UK MiFIR · Obligation to supply financial instrument reference data
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit referenceEU changes after exit: Regulation (EU) 2019/2175 (by 1 Jan 2022), Regulation (EU) 2024/791 (from 28 Mar 2024). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.
- Explicit reference
The Handbook source note on this provision cites the article.
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Version history
- From 28 Mar 2024
- From 1 Jan 2022 to 28 Mar 2024
- From 2 Jul 2014 to 1 Jan 2022
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.