The reporting of aggregate transactions is required at both the aggregate and allocation levels. Therefore, when a company chooses not to meet the conditions of transmission and presents itself, it must report the transaction to the receiving company and the allocation to customers. For the purposes of the first paragraph, paragraph (c), of the agreement, the agreement sets the time limit for the transmission of market data by the entity transmitting it to the receiving entity and provides that the receiving entity must verify, before the disclosure of a transaction report or the transmission of the contract in accordance with this article, whether the information received contains errors or obvious omissions. If the transaction is a transmitted order meeting the article 4 transmission requirements, this field is filled by the receiving company in the receiving company`s report using the information received from the company that transmitted it; transmission requirements are applied on an “all or no” basis, which means that if a company that sends an order does not transmit all the information necessary to comply with the terms of transmission under Article 4 of the Regulation (EU) 2017/590 of 28 July 2016, the receiving investment company would have to declare as if there was no transmission. In the absence of agreement and in order to avoid non-reporting or duplication, the transmitting entity should submit its own transaction report containing all the details of the resulting transaction, and the receiving entity should submit a transaction report that does not contain the information provided. We have developed two solutions that allow us to report on your behalf as part of a free transmission service, our preferred approach, or we can provide data for you to report. While this may seem restrictive, the AEMF stressed that compliance with the conditions of transmission was only a choice for business transfers. Alternatively, a sending company may come forward. 4. Investment firms submitting orders will take all the information referred to in paragraphs 1 and 3 in the transmission of this order. Instead of indicating this information when orders are issued, an investment firm may, when executed, declare the order as a transaction in accordance with the requirements set out in paragraph 1. In this case, the investment firm`s transaction report indicates that it relates to a forwarded order.
The provisions relating to the transmission of reporting files to the CSSF RTS Article 4 provides that the investment firm that intends to transmit the order should, with the company receiving the order, approve with the company receiving the order whether the receiving company will disclose all the details of the resulting transaction or if it will forward the order to another investment firm. In the absence of an agreement, the order is deemed not transmitted under the final RTS, so that each investment firm must submit its own transaction report, which contains the details of the transaction that each investment firm declares. This requirement differs from the application, including the proposed RSR, which required the transmitting company to submit a transaction report containing all the details of the resulting transaction and to the company receiving to submit a transaction report containing the information provided.