ESMA CONSULTS ON EMIR REPORTING GUIDELINES

The Consultation Paper (CP) includes draft Guidelines on a wide range of topics related to reporting, data quality and data access under EMIR Refit. ESMA has also published validation rules that clarify dependencies between data fields, as well as their applicability in the different use cases.

The Consultation paper focuses on:

• how reports should be constructed and in what circumstances reports should be made;
• reporting logic, including the use of action and event types;
• reporting in the case of delegation as well as under provisions on allocation of responsibility for reporting;
• the population of specific sections of fields; and
• the correct population of fields for different reporting scenarios and different products. 

The Draft Guidelines also clarify important aspects of the procedures to be implemented by reporting entities and Trade Repositories to enhance data quality. The paper also clarifies certain operational aspects concerning data access.

The proposed Guidelines, together with the validation rules, complement the revised draft EMIR technical standards on reporting by counterparties, data quality and data access. These standards were submitted to the European Commission on 16 December 2020 and, for the first time under EMIR, mandated the end-to-end use of ISO 20022 XML messages.

ESMA’s proposals aim to facilitate compliance and ensure consistent implementation of the EMIR reporting rules.

Next Steps

The closing date for responses is 30 September 2021. ESMA will consider the responses to this consultation with a view to finalising the proposed Guidelines and will publish a final report in Q4 2021/Q1 2022 (subject to the adoption of the draft RTS and ITS on reporting by the European Commission).