Two reports, one direction - ESMA Advances the Simplification of EU Reporting Frameworks
On 4 May 2026, ESMA published two landmark reports as part of its Simplification and Burden Reduction (SBR) initiative. The message to the industry is clear: the era of fragmented, duplicative EU reporting is being actively dismantled.
1. Final Report: Integrated Collection of Funds' Data
Mandated under the revised AIFMD and UCITS Directive (EU 2024/927), this report sets out ESMA's vision for a single, harmonised reporting framework for investment funds. It outlines the intent to replace the patchwork of overlapping national and EU-level requirements that currently governs AIFMD, UCITS, MMFR and ECB statistical reporting.
The cornerstone is a modular, dynamic reporting template:
- A core module applicable to all UCITS and AIFs, covering fund identification, classification and core metrics
- Fund-specific modules tailored to investment strategy, risk profile (leverage, liquidity) and fund type, including a dedicated real estate module
- Thematic modules for targeted supervisory needs, such as portfolio holdings and systemic risk monitoring
Data flows follow a "report once, use many times" logic. Collection stays at national level, while validation, storage and analytics are centralised in an EU-level hub. A common regulatory data dictionary will standardise semantics and identifiers across jurisdictions — addressing one of the most persistent sources of inconsistency in EU fund reporting today.
Phased implementation:
- Phase 1 — Integration of AIFMD and UCITS reporting
- Phase 2 — Extension to MMFR and other frameworks
RTS and ITS development will begin in 2027. Firms will have time to engage in the consultation process before any obligations take effect.
Despite the visible progress on simplification of reporting, ESMA cites H1 2029 as the earliest go-live date.
2. Interim Report: Holistic Review of Transaction Reporting
Based on ~100 responses to ESMA's June 2025 Call for Evidence, this report maps the most significant cost drivers in transaction reporting under EMIR, MiFIR and SFTR:
- Overlapping and inconsistent reporting requirements across the three regimes
- Frequent and unsynchronised regulatory changes requiring constant IT updates
- Dual-sided reporting under EMIR, both counterparties report largely the same data, generating costly reconciliation and mismatch resolution
- Multiple, fragmented reporting channels
Two simplification scenarios have been identified for further development:
- Scenario 1a — instrument-based delineation (lower implementation cost, shorter timeline; seen as a potential stepping stone)
- Scenario 2a — a "report once" framework across EMIR, MiFIR and SFTR (preferred long-term direction; highest potential for structural simplification)
An independent cost-benefit analysis, involving 30 firms across the buy side, sell side, market infrastructure and non-financial corporates, is currently underway. The Final Report, including policy recommendations, is expected in July 2026. An open industry hearing is scheduled for 28 May 2026.
Key Dates to Track
ESMA reports indicate some dates that we will be monitoring to keep you updated:
- 28 May 2026: Opening of ESMA’s hearing on transaction reporting simplification
- July 2026: Final Report on transaction reporting + policy recommendations
- April 2027: Delivery of RTS and ITS, as per ESMA’s mandate
How Fenion can support you
Fenion supports asset managers and fund administrators in meeting regulatory requirements. We will closely monitor the publication of the RTS and ITS next year, as well as their impact on our solutions.
Contact us to learn how we can help you implement regulatory requirements efficiently.Get in touch to discuss how we can support your regulatory readiness.
