Transaction Reporting MiFID2/MiFIR

The MiFID II directive and the MiFIR regulation entered into force on 3 January 2018. The new rules apply to all firms providing investment services or activities. Transaction reporting in accordance with MiFID II/MiFIR occurs through the TRS 2 system that entered into operation on 3 January 2018. The system is open 24/7, except during service disruptions.

Investment firms executing a transaction with a financial instrument must submit details of the transaction to FI as quickly as possible – and no later than at the close of the following business day (Article 26 of MiFIR). This reporting obligation applies to significantly more instruments and trading venues than in the old MiFID regulation. NOTE: The old TRS system, which was used for reporting of transactions in financial instruments with a trading date up to and including 2 January 2018 in accordance with MiFID, has been closed.

Information published on this page will be related to reporting to the TRS 2 system's production environment. For information about test reporting to TRS 2, see Test reporting in the TRS2 system

Update

(2018-04-12)

  • On Friday, 13 April, TRS2 will be closed for maintenance. It will be possible to send TR files but no feedback files will be sent back between Friday, 13 April and Sunday, 15 April.
  • In April 2018 we will upgrade the TRS2 production environment to a new system version. The following bug corrections will be made:
    1. Cancellations of transactions in status 'RCVD' will now receive the status RCVD instead of RJCT with CON-024 (Transaction for cancellation cannot be found);
    2. Improperly issued CON-502 (Option type does not match instrument classification);
    3. Improperly issued CON-472 (Underlying instrument is not present in reference data on transaction date);
    4. Improperly issued CON-370 (Country of branch membership is missing) för SI;
    5. Improperly issued CON-351 (Net amount is missing) for some instruments with CFI D*****;
    6. Improper RJCT on transactions with instruments traded in certain currencies, e.g. CZK and PHP;
    7. Improper RJCT with CON-552 (Expiry date is incorrect) for transactions where TradeDate is the same as ExpiryDate;
      8. Solution for improperly issued CON-070, CON-120, CON-160 and CON-210 (Buyer/Buyer decision maker/Seller/Seller decision maker LEI is not valid).
  • TR files are processed every day 11AM–11PM. The system will receive TR files the other hours of the day, but the files are not processed during that time.
  • Transactions in certain currencies, for example CZK and PHP, are currently being assigned the status, RJCT, due to changes in the reference data from ESMA.
  • It is currently not possible to recall transactions that have the status, RCVD. Recalls for transactions in RCVD are given the status, RJCT (CON-024 'Transaction for cancellation cannot be found'). We recommend that you do not send in recalls for transactions in RCVD until they have been assigned their final status (ACPT or RJCT).
  • We are also waiting for a technical solution for the problem underlying CON-160 'Seller LEI is not valid' and CON-070 'Buyer LEI is not valid'.
  • Please note that it is our recommendation that reporting for trading date T occur first on T+1.
  • We recommend that the date in the file name (TR_XXXXXXXXXXXXXXXXXXXX_XX_2018MMDD_XXXX) match the most recent trading date in the file.
  • Empty files do not need to be submitted on transaction-free days (i.e. days without any transactions to report).

 

LEI code

In order to be able to report transactions in accordance with MiFID II and MiFIR, both the submitting entity and legal entities on whose behalf a transaction has been executed must have an LEI code.

Application to open an account for the production environment

In order to access the TRS 2 system's production environment, firms must send an authorisation application form to FI. Instructions for how to fill in the form are available below for each type of form. To speed up the handling process, scan the completed application form and email it to rapportering@fi.se. Then send the original to Finansinspektionen, Box 7821, 103 97 Stockholm Sweden.

Firms reporting their own transactions

The following form should only be used by firms intending to file transaction reports in the TRS 2 system directly from their own IT systems. If the transaction reporting will be filed by an approved reporting mechanism (ARM), an authorisation application form does not need to be sent to FI. It is the ARM reporting on behalf of the firm that must apply to open an account.

Application for authorisation for TRS 2 reporting

Approved Reporting Mechanisms

Approved reporting mechanisms (ARM) intending to report on behalf of one or multiple firms subject to the reporting obligation should use the following form to apply to open an account:

Application for authorisation for TRS 2 reporting, Approved Reporting Mechanism, ARM 

Operators of trading venues must report according to Article 26(5) of MiFIR

Operators of trading venues that are subject to the reporting obligation in accordance with Article 26(5) of MiFIR should use the following form to apply to open an account:

Authorisation Application TRS2 Reporting, Operators of trading venues subject to file reports under Article 26(5) of MiFIR (Only available in Swedish at present as "Behörighetsanmälan TRS2-rapportering, marknadsoperatör rapporteringsskyldig enligt art.26.5 i Mifir")

Log-in information

FI sends log-in information by certified mail to the contact person specified in the authorisation application. The letter also contains additional information needed to connect to the TRS 2 system.

Connection

It is only possible to connect to the TRS 2 system using an FTP client that supports SFTP. NOTE: There is no online interface for reporting transactions in accordance with MiFID II/MiFIR.

FI sends a letter with the IP address to connect to the system and log-in information to Submitting Entities. See Log-in information. Go to Port 22.

By connecting to Port 22, FI's server automatically encrypts the connection using a pre-installed certificate. When connecting, a window pops up asking if you trust the host key at FI. Click OK to accept the key and encrypt the channel.

The letter containing the log-in information also contains information about the folder structure on FI's SFTP server. Transaction files (TR files) to be sent to FI are placed in the Outgoing folder. Feedback files (FF and FD files) are downloaded from the Incoming folder.

Technical specifications

Reports of transactions in financial instruments in accordance with MiFID II/MiFIR are filed in accordance with the technical specifications from the European Securities and Markets Authority (ESMA).

The information that must be filed in transaction reports (i.e. how the fields should be filled in) is described in Annex 1, Table 2.

ESMA's technical instructions

File Validation Rules

Content Validation Rules

XML schema (zip file)

XML Schema TRS 2

Planned service disruption

FI occasionally needs to close the TRS 2 system for maintenance or to rectify problems or other disruptions.

Planned service disruptions occur

  • as needed, 5:00 pm–23:59 pm every Wednesday.

 

Responsibility of rapporteurs during service disruptions

When the TRS 2 system is closed, it is not possible to report transactions via the system. Persons responsible for reporting must ensure that the information is stored during the service disruption and submitted as soon as the TRS 2 system opens again.

During service disruptions, it is particularly important for persons responsible for reporting to ensure that all information has been reported.

Report problems with the TRS 2 system to rapportering@fi.se.

Notifications about service disruptions

Subscribe to updates related to reporting to FI. Check the box for "Reporting" under "Subscribe to fi.se" on the Subscribe page.

 

Reference data

The TRS 2 system uses reference data from ESMA.

Read more

Reporting Department

Questions from companies and individuals with obligations report
Telephone hours: Weekdays 9–11 a.m
Last reviewed: 2018-01-26
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