Thematic review of reporting of waiver indicators in transaction reporting
In 2026, the FIN-FSA conducted a thematic review concerning the reporting of waiver indicators in transaction reporting. The objective of the review was to ascertain the correct and comprehensive disclosure in transaction reporting whether any waiver concerning pre-trade transparency requirements has been applied to the execution of the transaction.
The transaction reporting obligation is based on Regulation (EU) No 600/2014 of the European Parliament and of the Council (hereinafter MiFIR), in particular Article 26 thereof, which requires the reporting of data on transactions to competent authorities. The reporting formats and data fields are defined in Commission Delegated Regulation (EU) 2017/590 (hereinafter RTS 22), and further guidance is provided by ESMA (ESMA/2016/1452). In Finland, the transaction reporting obligation concerns investment service providers, such as credit institutions and investment firms. The reporting of waiver indicators concerns direct members of trading venues.
Field 61 under the Annex to RTS 22 (Waiver indicator) requires reporting of information on whether the transaction was executed under a pre-trade waiver in accordance with Articles 4 and 9 of MiFIR. The field is to be completed only if the transaction was executed on a trading venue applying a waiver, and in such cases only in respect of the market execution itself.
As a result of MiFIR Review changes, ESMA will migrate to using transaction reporting data in its transparency and volume cap calculations, which further emphasises the importance of correct reporting of the waiver indicator. In reviews conducted by ESMA, significant deviations have been identified particularly in the reporting of the RFPT reference price waiver, which have been related to incorrect or incomplete completion of Field 61.
The thematic review was carried out by means of a survey addressed to Finnish members of Nasdaq Helsinki and by analysing the companies’ transaction reporting data. In the data analysis, particular attention was paid to trades executed in Nasdaq Helsinki’s Nordic@Mid midpoint trading system as well as to negotiated trades, and to whether the information required under field 61 was reported in these situations in accordance with the requirements.
Key findings
· The data analysis performed by the FIN-FSA and the survey sent to the target companies showed shortcomings in the reporting of waiver indicators by the companies under review. The shortcomings related in particular to the reporting of the RFPT reference price waiver in trades executed in Nasdaq Helsinki’s Nordic@Mid system and to situations where waiver information was not reported at all, even though required by regulation.
· Several companies were also found to have deficiencies in the recording of waiver information in their systems.
· Controls, rules-based validations and reconciliations relating to Field 61 were in many places deficient or non-existent.
Obtaining waiver information
The thematic review also examined where companies obtain transaction-specific information on the waivers used and how this information is recorded in the source systems for reporting. Waiver information is transmitted to members via the trading venue’s trade messages.
According to the FIN-FSA’s view, companies must have arrangements in place for obtaining and recording transaction-specific waiver information. On the basis of the FIN-FSA’s observations, some companies’ reporting of waiver information in respect of the Nordic@Mid system was inferred solely on the basis of the MIC code. This is not sufficient, as the MIC code does not make it possible to distinguish situations where the trade is subject to the LIS waiver.
Reporting of the waiver indicator in field 61
The thematic review identified shortcomings in the coverage of field 61. According to observations made by the FIN-FSA, companies must ensure that the reporting of waiver information is correct and comprehensive and that the data extracted from source systems for reporting is correctly converted into the codes required by RTS 22.
Controls and reconciliations
On the basis of the responses to the thematic review, quality assurance and supervisory procedures in many cases focused on technical checks (e.g. technical validation of the data set), while substantive checks and reconciliations (field-by-field comparison with own source systems and detection of missing data) were insufficient.
According to the FIN-FSA’s view, companies must assess more carefully in which situations waiver information must be reported, evaluate the effectiveness of their rules-based validations (Article 15(1)(d) of RTS 22) and ensure sufficiently comprehensive reconciliations (Article 15(4) of RTS 22) in order to verify the completeness and accuracy of reporting.
Follow-up actions of the thematic review
The FIN-FSA will send company-specific feedback, including possible requests for clarification and remediation obligations, to the companies that participated in the thematic review. The FIN-FSA will monitor, in its ongoing supervision and with the support of the transaction reporting data received, the corrective measures taken to address the shortcomings identified in the thematic review.
For further information, please contact:
Heidi Tähtinen, heidi.tahtinen(at)finanssivalvonta.fi
Juho Westerlund, juho.westerlund(at)finanssivalvonta.fi
Jukka Katajamäki, jukka.katajamaki(at)finanssivalvonta.fi