On the 16th September 2019, the Malta Financial Services Authority (“MFSA”) published a Circular in relation to the reporting requirement introduced in Regulation (EU) No 909/2014 (“CSDR”) and which relates to the quarterly reporting of internalised settlement (the "Circular"). This Circular and the reporting requirements are being addressed to all interested stakeholders, in particular to the settlement internalisers authorised under CRD 2013/36/EU or MiFID 2014/65/EU, and which execute transfer orders on behalf of clients or on its own account other than through a securities settlement system, that is, through a Central Securities Depository ("CSD").
The MFSA expects such reporting on a quarterly basis, and which should include the aggregated volume and value of all securities transactions according to the type of financial instrument, type of transaction and the CSD. This report is required to be submitted in an XML format which should be generated through the European Securities and Markets Authority’s website and then these XML files should be uploaded on the MFSA's platform. The MFSA's submission platform is now under a testing phase until the end of November 2019.
Please feel free to contact us for further details on the reporting requirement of settlement internalisers.