ARTICLE · 25 FEBRUARY 2026

The anatomy of a regulation

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Layers of the trade reporting regulations & their application.

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Trade reporting regulations such as EMIR, SFTR and MiFIR articulate key requirements which aim to reduce systemic risk and market misconduct. The architecture of these regulations is not merely a single piece of regulation but contain other layered components, together working as an interconnected framework. EMIR and SFTR (for both EU & UK) essentially have the same framework and there are similarities with MiFIR (EU & UK).

These regulations have various levels within their framework.

For European regulations:

Level 1 consists of the law itself
Level 2 consists of the Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) which elaborates on the law.

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