The European Securities and Markets Authority (ESMA) has published a final report on guidelines on the portability of data between trade repositories (guidelines). The purpose of the guidelines is threefold in that they:
- aim at setting the necessary arrangements to foster and facilitate a consistent application of the relevant European Market Infrastructure Regulation (EMIR) requirements that underpin a competitive trade repository (TR) environment;
- set out the basis to ensure high quality data available to authorities, including the aggregations carried out by TRs, even in those cases where the TR participant changes the TR to which their derivatives are reported; and
- establish a consistent and harmonised way to transfer records from one TR to another TR and support the continuity of reporting and reconciliation in all cases including the withdrawal of registration of a TR.
In addition, to ensure consistent implementation across TRs, ESMA specifies the expected compliance with the requirement established in Article 79(3) of EMIR for the transfer of reporting flow in the case of withdrawal of registration of a TR.
The guidelines are set out as follows:
- section 1 refers to the executive summary of the report;
- section 2 establishes the scope and the timeline of the guidelines;
- section 3 outline the legal framework under which the guidelines are prepared;
- section 4 provides the relevant concepts and terms used in the guidelines;
- section 5 indicates the status quo;
- section 6 sets out the purpose of the guidelines;
- section 7 establishes the general conditions for data transfer;
- sections 8 and 9 establish the specificities of data transfer in general or where there is an upcoming withdrawal of registration;
- sections 10 and 11 set out the protocols for data transfer in the two relevant situations;
- section 12 contains the actual guidelines;
- section 13 includes a reference to the requested opinion to the Securities and Markets Stakeholders Group; and
- section 14 contains a high-level cost-benefit analysis of the proposed guidelines.
The guidelines become applicable on 16 October 2017.