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: Navigating the Build vs Buy Dilemma: Cloud Strategies for Accelerating Quantitative Research

Date: 20 May 2026 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes For many quantitative trading firms and asset managers, building a self-provisioned historical market data environment remains one of the most time-consuming and resource-intensive steps in establishing a new research capability. Sourcing data, normalising symbologies, handling corporate actions and maintaining...

BLOG

BMLL and Tradefeedr Partner to Build AI-Ready Analytics Layer for Equities and Futures

BMLL Technologies, the independent provider of harmonised historical order book data, and Tradefeedr, the network-based trading analytics platform, have announced a partnership to extend Tradefeedr’s analytics capabilities into equities and futures. The initiative, which includes a year-long industry pilot, represents Tradefeedr’s first move beyond its established FX analytics franchise and signals a broader ambition to...

EVENT

Eagle Alpha Alternative Data Conference, Fall, New York, hosted by A-Team Group

Now in its 8th year, the Eagle Alpha Alternative Data Conference managed by A-Team Group, is the premier content forum and networking event for investment firms and hedge funds.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...