The European Securities and Markets Authority (ESMA) has released a final report proposing a "Report Once" approach to simplify EU transaction reporting. This initiative aims to reduce costs and improve data quality for supervisors. ESMA's analysis identified fragmentation, frequent regulatory changes, and duplication as key cost drivers. The proposed solution involves a single integrated reporting framework for MiFIR, EMIR, and SFTR. This would allow transaction data to be reported once through a common structure, reusable across authorities. The report estimates potential annual savings of €250 million to €1.0 billion. Recurring costs could decrease by 22% to 24%, with implementation costs recovered in three to four years. ESMA also suggests immediate burden reduction measures like expanding delegated reporting and streamlining exemptions. The implementation will require legislative changes, phased rollout, and industry collaboration. This effort is part of ESMA's broader Simplification and Burden Reduction initiative.