About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

ESMA Relaxes Best Execution Reporting Requirements in Response to COVID-19

Subscribe to our newsletter

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has relaxed its requirements regarding the publication by execution venues and firms of the general best execution reports required under RTS 27 and 28 of MiFID II, in light of the COVID-19 pandemic.

In a statement issued on 31 March, the regulator noted that it was aware of the difficulties that venues and firms were encountering in preparing the reports, given the steps being taken to prevent contagion. It therefore has recommended that national authorities extend the 31 March deadline for RTS27 reports by three months to 30 June, 2020 (although recommends they be published “as soon as reasonably practicable”), with the same deadline also applying to RTS28 reports currently due by 30 April.

“In view of the exceptional circumstances, ESMA encourages national competent authorities not to prioritise supervisory action against execution venues and firms in respect of the deadlines of the general best execution reports for the periods referred to above,” says the regulator. “Furthermore, ESMA encourages competent authorities to generally apply a risk-based approach in the exercise of supervisory powers in their day-to-day enforcement of RTS 27 and 28 concerning these deadlines.”

The move has been met with relief by industry participants. ““The biggest ongoing regulatory challenges revolve around best execution and regulatory reporting,” confirms Chris Hollands, Head of European and North American Sales at TradingScreen, speaking to RegTech Insight. “As COVID-19 takes a stronghold on global markets, it is easy to understand why ESMA is relaxing requirements for RTS 27 and RTS 28. Investment managers need additional time to adjust to regulatory change, as opposed to preparing for new rules in the midst of this unprecedented period of market volatility and record volumes.”

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Agility as Alpha: How Trading Infrastructure Determines Who Wins in Volatile Markets

Date: 21 May 2026 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Tariff shocks, geopolitical realignment and macroeconomic regime shifts are redrawing the investment landscape faster than most firms’ technology stacks can keep up. For hedge funds and asset managers, the ability to move quickly into new asset classes, geographies or...

BLOG

Introducing RegPass: A New Agentic Paradigm for Regulatory Change Management

After more than a decade shaped by document aggregation, workflow portals, and rule-mapping engines, a third generation of regulatory intelligence platforms is beginning to emerge. These systems move beyond collecting and classifying regulatory updates. Instead, they attempt something more ambitious: to understand, model and reason about a firm’s actual business operations, and to connect regulatory...

EVENT

TEST Event page 2

Now in its 15th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Enterprise Data Management

The current financial crisis has highlighted that financial institutions do not have a sufficient handle on their data and has prompted many of these institutions to re-evaluate their approaches to data management. Moreover, the increased regulatory scrutiny of the financial services community during the past year has meant that data management has become a key...