On 12 July 2024, the Bank of England (BoE) and the Financial Conduct Authority (FCA) published an updated set of UK European Market Infrastructure Regulation (UK EMIR) reporting questions and answers (Q&As), which now includes additional topics (in Q&As 6-11) following a May 2024 consultation.
The BoE and FCA share responsibility for derivatives reporting under Article 9 of UK EMIR, with the BoE having responsibility for central counterparties and the FCA for all other counterparties in addition to trade repositories. Together they published a joint Policy Statement (PS23/2) in February which confirmed changes to the UK EMIR reporting framework, with most of the updated requirements applying from 30 September 2024 (although there is a transition period for some aspects).
Additional Q&As
The Q&As provide guidance on how the updated reporting framework will be implemented. The first set of Q&As, on topics 1-5, were published in May 2024, along with a second consultation on the further Q&As that have now been published. The second set of Q&As cover the following topics:
- Venues.
- Exchange traded derivatives.
- Margin and collateral.
- Clearing.
- Position level reporting.
- Asset class and product specific.
Further consultation
In response to a query received in the second consultation, the FCA and BoE are now consulting on one further draft Q&A under topic 10 (position level reporting). The proposed Q&A (10.9) asks whether spread bets can be reported at position level only (i.e. not as individual transactions), with the following proposed response: “Yes, provided the relevant conditions in Article 5 of the Technical Standards on the Minimum Details of the Data to be Reported to Trade Repositories are met.”
The deadline for feedback on this additional draft Q&A is 23 July 2024. All feedback received will be shared between the FCA and the BoE.