Both EMIR and the Markets in Financial Instruments Directive (MiFID) II require firms to report the same types of transaction data to regulators, and both have a T+1 reporting timeframe. However, EMIR covers only derivatives trades, while MiFID II applies to bonds, derivatives, equities, emissions allowances and structured finance products. Under EMIR, firms must report to Trade Repositories (TRs), while under MiFID II firms must report in near-real time to an Approved Publication Arrangement (APA) and to an Approved Reporting Mechanism (ARM) on T+1.