EU · MiFIR · TITLE IV TRANSACTION REPORTING
Article 25 MiFIRObligation to maintain records
Investment firms must keep data on all orders and transactions in financial instruments available to their competent authority for five years, including client identity and anti-money laundering information, and trading venue operators must keep data on all orders advertised through their systems for at least five years in a machine-readable common template, with ESMA RTS on the order data details.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2024/2809 | Text amended | 4 Dec 2024 |
Level 2: delegated and implementing acts
- RTSIn forceLegal basis
AI summaryRTS 24 setting the content, standards and format of order data that trading venue operators must keep for at least five years and provide to competent authorities on request under Article 25(2) MiFIR, including party identification, trading capacity, timestamps, order events, types, prices and instructions, and auction data.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredExplicit reference · 90%
AI summaryFor RTS 24 order book records, trading venues should identify phase 4 emission allowances by the ISINs published by the Commission (EU000A2QMW50, and EU000A2QMW68 for aviation allowances), and derivatives on them by the ISIN assigned by the national numbering agency.
- Q&AAnsweredExplicit reference · 90%
AI summaryActionable indications of interest are orders for the record-keeping obligations of investment firms and trading venues under Article 25(1) and (2) MiFIR, just as they are subject to pre-trade transparency.
- GuidelinesPublishedESMA rulebook
AI summaryESMA's guidelines (ESMA/2016/1452, corrected 2017) on transaction reporting under Article 26 MiFIR, order record keeping under Article 25 and clock synchronisation, with detailed worked examples on trading capacities, chains and transmission of orders, identification of clients and decision makers, and how to populate each reporting field.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document (ESMA70-872942901-38, final version 13 October 2023) on market structure topics, covering data disaggregation, direct electronic access and algorithmic trading, the tick size regime, multilateral and bilateral systems (including OTFs and systematic internalisers) and access to CCPs and trading venues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document (ESMA70-1861941480-56, last updated 31 March 2023) on MiFIR data reporting, chiefly financial instrument reference data and transaction reporting: issuer LEIs, admission dates, instrument and underlying codes, maturity dates, CFI and FISN codes, bond fields and business cases. It is no longer updated; later Q&As are in ESMA's Q&A tool.
Commentary
No law-firm commentary is linked to this provision yet.
219 more documents relate to MiFIR as a whole without naming an article.
UK counterpart
- Article 25 UK MiFIR · Obligation to maintain records
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit referenceEU changes after exit: Regulation (EU) 2024/2809 (from 4 Dec 2024). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.
- REC 2.9.1UK · Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(e)Explicit reference
The Handbook source note on this provision cites the article.
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Version history
- From 4 Dec 2024
- From 28 Mar 2024 to 4 Dec 2024
- From 2 Jul 2014 to 28 Mar 2024
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.