Qi Qi Dong February 1, 2022
The CSSF recently shared insights on its efforts to improve the quality of transaction reporting under Article 26 of MiFIR, focusing on accurate, complete data submissions. This reporting requirement affects Luxembourg-based credit institutions, investment firms, and third-country firm branches authorized locally. In 2021, over 36 million transaction reports were submitted, monitored closely by CSSF through data quality and completeness campaigns.
Key Campaigns and Findings
- INTC Account Usage: In March 2021, CSSF identified inconsistent reporting for aggregate client accounts (INTC accounts). These accounts should balance daily, reflecting accurate client allocations, yet discrepancies suggested improper application of guidelines.
- TVTIC Verification: A July 2021 review addressed errors in trading venue transaction identification codes (TVTIC), essential for tracking trades accurately. CSSF found inaccuracies in 11 firms’ reporting, requiring immediate correction.
- Natural Person Identification: CSSF’s checks also verified accurate identification of individuals in transaction reports using national client identifiers.
Through these initiatives, the CSSF aims to support compliance, ensuring transparent reporting and market integrity.
The full press release is available here: