ESMA Releases Public Statement on MiFID II Best Execution Reporting During COVID-19 Pandemic

The disruption to markets caused by preventative lockdowns in response to the Coronavirus pandemic has caused execution venues and firms a great deal of uncertainty with regards to their best execution reporting obligations.

In a statement issued on March 31st, the European Securities and Markets Authority (ESMA) has recommended that NCAs do not ‘prioritise supervisory action against execution venues and firms’ while COVID-19 remains a threat, and subsequent actions put in place to prevent its spread remain in place.  

Building on this point, ESMA made the following recommendations with regards to possible timelines: 

  • NCAs should consider that execution venues who would ordinarily be obliged to publish RTS 27 reports by 31 March 2020 ‘may only be able to publish them as soon as reasonably practicable after that date’. ESMA does maintain, however, that these reports should be published no later than the following quarterly RTS 27 reporting deadline (i.e. 30 June 2020)

  • Firms who would ordinarily be obliged to publish an RTS 28 report by 30 April should be given until 30 June 2020 before supervisory action takes place. 

These are, however, simply recommendations; ESMA has encouraged NCAs to not follow these recommendations to the letter of the law, but rather to ‘apply a risk-based approach in the exercise of supervisory powers’ concerning RTS 27 and RTS 28 deadlines. 


Best execution, market abuse and regulatory reporting solutions for financial services, and workflow management for any type of business. All powered by our PATH platform.

FCA Market Watch 67: Market Manipulation in the Spotlight

The UK’s Financial Conduct Authority (FCA) has recently published the latest issue of Market Watch – its newsletter on market conduct and transaction reporting issues. This issue focuses on market manipulation and the controls that the regulator deploys to detect and...

eflow Wins Best Trade Surveillance at 2021 A-Team Awards

It was announced this week that eflow has won Best Trade Surveillance Solution for MAD/MAR at the 2021 European RegTech Insight Awards hosted by A-Team Group. Our trade surveillance platform TZ is our flagship product, and we couldn't be happier to see it gaining this...

eflow And Euronext Announce New ARM and APA Connectivity Partnership

London-based regulatory compliance firm eflow have today announced that they will be partnering with Euronext in the interest of extending the connectivity of their transaction reporting solution TZTR. As a result of this new partnership, Euronext will provide eflow...

Why Regulators Should Be Promoting RegTech Adoption

Why Regulators Should Be Promoting RegTech AdoptionDougie Moffat, Business Development ManagerlinkedintwitterAsk anyone on the street whether they know about FinTech and you’re likely to be met with a resounding yes. The same cannot, unfortunately, be said for...

Best Execution and Beyond: What’s Happening to RTS 27 & 28 Post-Brexit?

Best Execution and Beyond: What's Happening to RTS 27 & 28 Post-Brexit?Dougie Moffat, New Business ExecutivelinkedintwitterThe Brexit transition period has now ended, and the UK has severed its legal framework from the EU. For those expecting a marked change in...

Get In Touch

[contact-form-7 id="26302" title="AMP Form 2"]