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.
Rules and guidance on implementing EMIR provisions
ESMA has developed detailed rules and guidance on reporting, registering, and accessing data.
What needs to be reported to TRs:
- 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) - Please see Article 6 on page 5 and Annex II on page 25 and ff.
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).
When reporting, counterparties should take also into account the validation rules applied by TRs to ensure that reporting is performed according to the EMIR regime, including the specifications of the Technical Standards. Please see EMIR TRQ&A 20 for more details.
- Validation rules (last updated 29 March. Updates applicable from 30 April 2021)
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.