EMIR Reporting
EMIR mandates reporting of all derivatives to Trade Repositories (TRs). TRs centrally collect and maintain the records of all derivative contracts. They play a central role in enhancing the transparency of derivative markets and reducing risks to financial stability.
Reporting
Rules and guidance on implementing EMIR provisions
To support the implementation of reporting under EMIR, ESMA has developed detailed rules and guidance on reporting, registering, and data access under EMIR.
Counterparties and entities responsible for reporting under EMIR are required to comply with the technical standards on reporting and on the reconciliation and verification of data. Counterparties and entities responsible for reporting under EMIR are required to comply with the technical standards on reporting, as well as those on the reconciliation and verification of data. Regulation (EU) 2019/834 (‘EMIR REFIT’) was published in the Official Journal on 28 May 2019 and entered into force on 17 June 2019. In response to the amendments introduced by EMIR REFIT, ESMA revised the EMIR reporting technical standards, which were subsequently published in June 2022. The EMIR reporting RTS and ITS became applicable as of 29 April 2024.
In addition, reporting should be performed taking into consideration the Guidelines on Reporting under EMIR, as well as the validation rules applied by trade repositories, the reconciliation tolerances and the ISO 20022 XML schemas, in order to ensure consistency with the EMIR REFIT reporting framework.
The technical standards and related technical documentation under EMIR REFIT are listed below:
- Regulatory technical standards on reporting under EMIR REFIT
- Implementing technical standards on reporting under EMIR REFIT
- Guidelines on reporting under EMIR REFIT
- Validation rules, reconciliation tolerances and template for notification of errors and omissions in reporting (Last updated on 6 September 2023)
- XML EMIR Reporting Schemas
- Incoming messages (Last updated on 27 November 2023)
- Outgoing messages (updated on 27 November 2023)
- Incoming messages – query message (auth.029 DATQRY) (Last updated on 27 November 2023)
- Outgoing messages – rejections (auth.092 DATREJ) (Last updated on 27 November 2023)
- Outgoing messages – positions (auth.090 DATPOS) (Last updated on 27 November 2023)
Legal entity identifier (LEI) codes should be used to identify counterparties which are legal entities. LEI can be issued by any of the Local Operating Units (LOU) of the global entity identifier system (GLEIS).
Legacy Reporting Framework (Pre-EMIR REFIT) and transitional arrangements
Prior to 29 April 2024, EMIR reporting was performed in accordance with the technical standards adopted under the pre-REFIT EMIR framework. The legacy technical standards and technical documentation listed below are provided for information purposes only and are no longer applicable following the application of the EMIR REFIT reporting framework as of 29 April 2024:
- Regulatory technical standards
- Implementing technical standards
- revised Regulatory technical standards (applicable from 1 November 2017)
- revised Implementing technical standards (applicable from 1 November 2017)
- revised Implementing technical standards (applicable from 11 April 2019) - See Article 6 on page 5 and Annex II on page 25 and ff.
- Validation rules (last updated 29 March. Updates applicable from 30 April 2021)
- Mapping table (transitional arrangements)
- Q&As on the implementation of EMIR – the Q&As included in this link were published under the pre-REFIT framework and have not been updated since February 2024. Certain elements of these Q&As have been incorporated in the Guidelines on reporting under EMIR where relevant. Other Q&As may be considered relevant where they are not affected by EMIR REFIT amendments. Market participants should note that all new and updated Q&As under the EMIR REFIT Framework are published on ESMA’s website under the following link – Q&A tool.
Data Quality
Key elements for the correct functioning of the reporting regime under EMIR and ensuring the quality of derivatives reporting are (i) the validation by TRs of the data submissions by the counterparties that are subject to the reporting obligation, (ii) the reconciliation of data between TRs and (iii) the response mechanisms.
- Regulatory technical standards on the reconciliation and verification of data (applicable from 29 April 2024)
- Guidelines on transfer of data between trade repositories under EMIR and SFTR
Accessing Data
The direct and immediate access to derivatives data is essential to allow authorities to fulfil their responsibilities and mandates, whereas the adequate establishment of access levels for authorities ensures the confidentiality of the trade repository data.
- Regulatory technical standards on publicly available data and data available to authorities
- Revised Regulatory technical standards (applicable from 1 November 2017)
- Revised Regulatory technical standards (applicable from 11 April 2019)
- Regulatory technical standards on data access under EMIR REFIT (applicable from 29 April 2024)