ESMA on Thursday published its final report recommending a single ‘report once’ transaction-reporting framework across MiFIR, EMIR and SFTR, and said the model may generate yearly net savings of €250 million to €1 billion.
The regulator estimates the approach would cut recurring costs by 22% to 24% and generate €1.2 billion to €4.9 billion in 10-year discounted cumulative net benefits. Implementation costs would be recovered in three to four years, ESMA said.
Under the proposed model, firms would report a common modular data set once, with supervisors reusing it across mandates and authorities.
ESMA recommends a staged reform. Near-term measures include expanded delegated reporting and simplified intragroup exemption procedures. The longer-term integrated framework would require targeted legislative changes, phased deployment, common data standards and structured work with industry technical experts.
“Our analysis shows that a ‘report once’ approach can significantly reduce costs while improving the quality and usability of data for supervisors,” said Verena Ross, ESMA Chair.
The final report caps a review launched in June 2025. ESMA’s May 2026 interim report had already narrowed options to the ‘report once’ model after finding negligible support for alternative scenarios among respondents.
