The Transaction reporting system (TRS) is a reporting mechanism for investment firms and trading venues that execute transactions in financial instruments. The purpose is to give the competent authorities a complete view of transactions in the market.
About transaction reporting
Transaction reporting is based on Securities Trading Act § 8-1, which implements EU-regulation nr. 600/2014 (MiFIR). The regulation was effective in Norway as of January 2018.
Article 26 in MiFIR describes the outline of this regulation:
- Investment firms which execute transactions in financial instruments shall report complete and accurate details of such transactions to the competent authority as quickly as possible, and no later than the close of the following working day. […]
- The operator of a trading venue shall report details of transactions in financial instruments traded on its platform which are executed through its systems by a firm which is not subject to this Regulation […]
"Financial instruments" is defined as all instruments listed on a trading venue, including derivatives of these instruments.
Management companies of UCITS and AIF shall not report by MiFIR article 26, if they do not provide services outside the mandate of the funds they are manage.
Note: the description above is a simplification of the actual legislation, and not a substitute for reading the actual legal text