Identifying GB Nationals in MiFIR Reports Post Brexit

March 10, 2021

Control Now have identified an inconsistency in regulatory text in regards to how British nationals should be identified in UK and EU MIFID transaction reports (RTS 22), following the End of the Brexit Transitional Period (31/12/2020).

RTS 22 provides list of accepted personal identifiers to be used for each EEA nationality (Annex II, RTS 22).

It also states: “A natural person shall be identified in a transaction report using (…) national client identifier listed in Annex II based on the nationality of the person”. (RTS 22 Article 6.1).

The FCA and EC have not updated this table or Article 6 following UK departure from the EEA. (Article 6 and Annex II, FCA RTS 22)

Control Now suggest reporting firms should continue to use National Insurance Numbers as 1st priority identifier for UK nationals in both EU and FCA MiFIR reports, as it provides consistency in the reporting.

However, we recognise this contradicts RTS 22 Article 6.3. We have queried this with ESMA and awaiting their clarification.

The FCA do not provide a channel for non Investment Firms to request clarification, so we haven’t been able to request clarification for them.