ESMA has today published a Final Report regarding the EU EMIR REFIT on reporting, a major change that will go into force on 29th April 2024(see here). The Final Report can be found here. ESMA has also published a “validations” document that provides details on the allowable values in each field. It can be found here.Reporting instructions have also been published here and here.
As per the announcement from ESMA, the report includes clarifications on:
- transition to reporting under the new rules
- the number of reportable derivatives
- intragroup derivatives exemption from reporting
- delegation of reporting and allocation of responsibility for reporting
- reporting logic and the population of reporting fields
- reporting of different types of derivatives
- ensuring data quality by the counterparties and the TRs
- construction of the Trade State Report and reconciliation of derivatives by the TRs
- data access.
As per other such announcements, clients of ETR Advisory’s Regulatory Support Service will receive customised guidance on the above (see here).