The European Commission has adopted a Delegated Regulation amending Delegated Regulation No 148/2013 supplementing European Markets Infrastructure Regulation (EMIR) on over-the-counter derivatives, central counterparties (CCP) and trade repositories with regard to regulatory technical standards (RTS) on the minimum details of the data to be reported to trade repositories. The delegated act introduced several modifications to the existing RTS:
- it modifies article 1 of Commission Delegated Regulation No.148/2013 by replacing the existing paragraph 2, which set out a restrictive definition of the ‘execution of a transaction’ with a new paragraph 2 which sets out rules on the reporting of a contract composed of a combination of several other derivative contracts;
- in article 2, the rules on the reporting of a previously reported contract which is subsequently cleared by a CCP are amended;
- article 3 is amended by setting out the rules for the reporting of collateral exchanged by the counterparties, including specifying what exactly should be reported, by whom and how it should be valued;
- a new article 3a is introduced setting out the rules for the reporting of the notional amount for different classes of derivatives;
- in article 4, the references to the field in the Annex are updated; and
- the Annex is modified by setting out the reporting requirements for credit derivatives as well as for posted and received initial and variation margins.
