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ESMA pushes for ‘report one’ approach to regulatory reporting
03 July 2026 Europe
Image: bestforbest/stock.adobe.com
The European Securities and Markets Authority (ESMA) has published its final report on the simplification of transaction reporting, setting out a path towards a ‘report once’ approach.
According to the review, the main drivers of cost and complexity include frequent and unsynchronised regulatory changes, duplication of reporting across frameworks and channels, and dual-sided reporting and associated reconciliation processes.
The report is a key deliverable under ESMA’s broader Simplification and Burden Reduction initiative, aimed at addressing the growing complexity and operational costs associated with EU reporting requirements.
In response, the financial markets regulator recommends a staged approach combining short-term burden reduction with a long-term structural reform.
At the core of this strategy is the development of a single integrated transaction reporting framework across the Markets in Financial Instruments Regulation (MiFIR), European Market Infrastructure Regulation (EMIR), and Securities Financing Transactions Regulation (SFTR), based on a ‘report once’ principle.
This integrated model would allow transaction data to be reported once through a common modular structure to reflect product specificities within one single framework.
Such data can then be reused across authorities and supervisory mandates, reducing duplication while preserving the information needed for effective supervision.
Commenting on the decision, ESMA Chair Verena Ross says: “Transaction reporting is central to market transparency, risk monitoring, and detecting market abuse. However, over time, fragmentation has led to duplication, inconsistent requirements, and increased costs for market participants and authorities.
“Today, ESMA is taking a decisive step to simplify this system. Our analysis shows that a ‘report once’ approach can significantly reduce costs while improving the quality and usability of data for supervisors. With the implementation of this approach we support more integrated, efficient, and resilient EU capital markets.”
A comprehensive cost-benefit analysis indicates that the proposed ‘report once’ scenario could deliver annual net savings of €250 million to €1.0 billion; a reduction in recurring costs of around 22–24 per cent; and 10-year discounted cumulative net benefits of €1.2 billion to €4.9 billion, says ESMA.
Implementation costs are expected to be recovered within three to four years, the authority notes, after which efficiency gains would materialise on a sustained basis.
Alongside the long-term reform, ESMA proposes a set of intermediate measures to provide more immediate burden reduction. These include: expanding the use of delegated reporting arrangements; streamlining intragroup exemption procedures; targeted adjustments at ESMA level to reduce low-value or duplicative reporting requirements.
Tim Hartley, EMIR reporting director at Kaizen, comments: “The direction of travel was expected following the publication of ESMA's Interim Report in early May, but the final report is still an important marker.
“‘Report once’ could reduce duplication and operational burden over time, but it will also place even greater emphasis on data quality and controls across regimes.”
Following the publication of the final report, ESMA will engage with EU institutions on the proposed recommendations.
The implementation of the integrated ‘report once’ approach will require targeted legislative changes, a phased implementation, and an inclusive dialogue with industry technical experts, allowing for coordinated development of reporting templates, data standards, and streamlined infrastructure.
According to the review, the main drivers of cost and complexity include frequent and unsynchronised regulatory changes, duplication of reporting across frameworks and channels, and dual-sided reporting and associated reconciliation processes.
The report is a key deliverable under ESMA’s broader Simplification and Burden Reduction initiative, aimed at addressing the growing complexity and operational costs associated with EU reporting requirements.
In response, the financial markets regulator recommends a staged approach combining short-term burden reduction with a long-term structural reform.
At the core of this strategy is the development of a single integrated transaction reporting framework across the Markets in Financial Instruments Regulation (MiFIR), European Market Infrastructure Regulation (EMIR), and Securities Financing Transactions Regulation (SFTR), based on a ‘report once’ principle.
This integrated model would allow transaction data to be reported once through a common modular structure to reflect product specificities within one single framework.
Such data can then be reused across authorities and supervisory mandates, reducing duplication while preserving the information needed for effective supervision.
Commenting on the decision, ESMA Chair Verena Ross says: “Transaction reporting is central to market transparency, risk monitoring, and detecting market abuse. However, over time, fragmentation has led to duplication, inconsistent requirements, and increased costs for market participants and authorities.
“Today, ESMA is taking a decisive step to simplify this system. Our analysis shows that a ‘report once’ approach can significantly reduce costs while improving the quality and usability of data for supervisors. With the implementation of this approach we support more integrated, efficient, and resilient EU capital markets.”
A comprehensive cost-benefit analysis indicates that the proposed ‘report once’ scenario could deliver annual net savings of €250 million to €1.0 billion; a reduction in recurring costs of around 22–24 per cent; and 10-year discounted cumulative net benefits of €1.2 billion to €4.9 billion, says ESMA.
Implementation costs are expected to be recovered within three to four years, the authority notes, after which efficiency gains would materialise on a sustained basis.
Alongside the long-term reform, ESMA proposes a set of intermediate measures to provide more immediate burden reduction. These include: expanding the use of delegated reporting arrangements; streamlining intragroup exemption procedures; targeted adjustments at ESMA level to reduce low-value or duplicative reporting requirements.
Tim Hartley, EMIR reporting director at Kaizen, comments: “The direction of travel was expected following the publication of ESMA's Interim Report in early May, but the final report is still an important marker.
“‘Report once’ could reduce duplication and operational burden over time, but it will also place even greater emphasis on data quality and controls across regimes.”
Following the publication of the final report, ESMA will engage with EU institutions on the proposed recommendations.
The implementation of the integrated ‘report once’ approach will require targeted legislative changes, a phased implementation, and an inclusive dialogue with industry technical experts, allowing for coordinated development of reporting templates, data standards, and streamlined infrastructure.
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