ESMA updates its EMIR Q&A
The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).
The updated Q&A includes a new answer in relation to transition to the revised technical standards on reporting, which will become applicable on 1 November 2017. The Q&A clarifies that the reporting entities are not obliged to update all the outstanding trades upon the application date of the revised technical standards and that they are required to submit the reports related to the old outstanding trades only when a reportable event takes place (e.g. when the trade is modified). Furthermore, the Q&A explains how those reports will be validated by the Trade Repositories.
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.