Requirement (MIFID)
Article 12 Reporting channels
Requirements MIFID - REGULATION (EC) No 1287/2006
Description
Description
1. The reports of transactions in financial instruments shall be
made in an electronic form except under exceptional circumstances,
when they may be made in a medium which allows for
the storing of the information in a way accessible for future
reference by the competent authorities other than an electronic
form, and the methods by which those reports are made shall
satisfy the following conditions:
(a) they ensure the security and confidentiality of the data
reported;
(b) they incorporate mechanisms for identifying and correcting
errors in a transaction report;
(c) they incorporate mechanisms for authenticating the source
of the transaction report;
(d) they include appropriate precautionary measures to enable
the timely resumption of reporting in the case of system
failure;
(e) they are capable of reporting the information required
under Article 13 in the format required by the competent
authority and in accordance with this paragraph, within the
time limits set out in Article 25(3) of Directive
2004/39/EC.
2. A trade-matching or reporting system shall be approved by
the competent authority for the purposes of Article 25(5) of
Directive 2004/39/EC if the arrangements for reporting
transactions established by that system comply with paragraph 1
of this Article and are subject to monitoring by a competent
authority in respect of their continuing compliance.
Comment
Applies to Article 25(5) of Directive 2004/39/EC