ESMA updates EMIR Q&A and validation rules
The European Securities and Markets Authority (ESMA) published today an update of its Q&As on practical questions regarding the European Markets Infrastructure Regulation (EMIR) following the publication of the revised technical standards on reporting under Article 9 of EMIR.
The revised RTS and ITS on reporting under Article 9 of EMIR were published in the Official Journal on 21 January 2017 and will become applicable on 1 November 2017. They include a number of provisions that so far were covered by the Q&As, therefore some of the questions will become obsolete. Other questions will need to be amended in line with the revised technical standards.
In order to facilitate smooth and well-informed preparation for the implementation of the revised standards, ESMA has included the updated versions of those questions in the Q&A, indicating that they will become applicable from 1 November 2017, together with the revised technical standards.
Additionally, the Q&As includes an updated question regarding the obligation to report outstanding trades following the entry into force of EMNIR (‘backloading’).
The purpose of this document is to promote common supervisory approaches and practices in the application of EMIR. It provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of EMIR. The content of this document is aimed at competent authorities under the Regulation to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. It should also help investors and other market participants by providing clarity on the requirements under EMIR.
Furthermore, ESMA has published today the updated validation rules for the reports submitted under the revised technical standards. The updated validation rules will equally become applicable from 1 November 2017.