The European Securities and Markets Authority (ESMA) has identified potential annual savings of up to €1 billion for market participants if the EU simplifies its transaction reporting requirements. In a press release dated 2 July 2026, ESMA outlined findings from an analysis of current reporting obligations under the Markets in Financial Instruments Regulation (MiFIR) and the European Market Infrastructure Regulation (EMIR), which it says impose significant compliance costs on firms.
ESMA's analysis estimates that streamlining reporting fields, reducing duplication across regimes, and aligning data standards could cut industry costs by €500 million to €1 billion each year. The agency argues that the current system, which requires firms to report similar data to multiple authorities under different frameworks, creates unnecessary administrative burden without proportional benefits to market transparency or supervisory oversight.
The press release does not propose specific legislative changes but signals ESMA's support for the European Commission's broader simplification agenda. ESMA states it will work with the Commission and national competent authorities to develop concrete proposals, including potential amendments to MiFIR and EMIR technical standards. The agency also notes that any simplification must maintain the quality of data needed for effective market monitoring and financial stability.
Stakeholders likely to be affected include investment firms, banks, and trading venues, which would see reduced compliance costs if reporting is streamlined. EU regulators and national authorities may face initial costs to harmonise systems but could benefit from more efficient data collection. Investors and end-users may indirectly gain from lower operational costs passed through by intermediaries. However, any reduction in reporting granularity could limit supervisors' ability to detect market abuse or systemic risks, a trade-off ESMA acknowledges it will need to manage carefully.
No prior coverage of this topic exists in the available record. The announcement comes as the European Commission pursues a broader regulatory simplification drive, with ESMA positioning itself as a contributor to that effort.