ICMA ERCC responds to ESMA's Call for evidence on a comprehensive approach for the simplification of financial transaction reporting
19 September 2025 ICMA's European Repo and Collateral Council (ERCC) submitted today a response to the European Securities and Markets Authority (ESMA) Call for evidence on a comprehensive approach for the simplification of financial transaction reporting for a structural review of existing reporting requirements across different regimes, including SFTR, EMIR and MiFIR. In terms of key messages, ICMA believes that priority should be given to the simplification and burden reduction within each regulation, as addressing these internal inefficiencies would achieve more immediate and cost-effective relief for market participants. With its SFTR Taskforce, ICMA has undertaken a comprehensive review of SFTR reporting requirements and put together a detailed list of proposed structural improvements, which we have shared with ESMA as part of the consultation response. In parallel to pursuing those structural changes, ICMA also encourages ESMA to kick off work on a longer-term vision for a more efficient and consistent digital reporting framework. Such a framework has to be based on a common data model, such as the Common Domain Model, developed jointly by ICMA, ISDA and ISLA, and ICMA is keen to work collaboratively with ESMA to support this work and develop a credible implementation roadmap.
Contact: Zhan Chen
