Article 26(2) of MiFIR precisely defines the scope. The instruments covered include those admitted to trading on a venue, those for which an admission request has been made, and those whose underlying is an instrument traded on a venue or an index. Since MiFID II, carbon emission allowances and their derivatives are also included.

ARMs are approved mechanisms that assume part of the technical responsibility for transmitting reports. They allow pooling of IT development costs and reduce the technical burden on investment firms.

Under Article 26 of MiFIR, investment firms must report transaction details no later than the end of the business day following execution, i.e. a T+1 deadline. This requirement aims to ensure effective regulatory oversight.

Under Article 4 of RTS 22, several conditions must be met: the order must come from a client or a discretionary mandate, all relevant information must be transmitted, and the receiving firm must be subject to the reporting obligation and agree to report on behalf of the transmitting firm. A documented agreement is strongly recommended by ESMA.

Under Commission Delegated Regulation (EU) 2017/590 (RTS 22), legal entities must be identified by their LEI, while natural persons must be identified by their national identifiers including surname, first name and date of birth. This distinction is crucial for compliance.

Although ARMs assume part of the technical responsibility, firms remain responsible for the accuracy and completeness of source data. Article 15 of RTS 22 imposes strict quality control obligations, including regular reconciliations and error notifications to the authorities.

Reports include several categories of fields: instrument identification, transaction details, party identification, decision makers, execution venue, and regulatory indicators. Each category has a specific role in regulatory oversight.