On 28 March 2023, the European Securities and Markets Authority (ESMA) published a Consultation Paper on amendments to guidelines on position calculation under the European Market Infrastructure Regulation (EMIR).

ESMA has issued the Consultation Paper in preparation for the EMIR Refit go-live on 29 April 2024. The Consultation Paper proposes amendments to the guidelines on position calculation which were published on 3 December 2018 to ensure full alignment with the requirements set out by the regulatory and implementing technical standards on reporting (Commission Delegated Regulation (EU) No 2022/1855 of 10 June 2022 and Commission Implementing Regulation (EU) No 2022/1860 of 10 June 2022) and the ESMA guidelines on reporting under EMIR to avoid inconsistencies in the way trade repositories generate position reports as of that date onwards. In terms of format, feedback to the Consultation Paper will help ESMA determine whether the 2018 guidelines need amendment or whether they should be fully replaced.

The deadline for feedback to the Consultation Paper is 9 May 2023.

ESMA will consider feedback to the consultation and expects to publish a final report during Q3 2023 to allow for at least a 6-month implementation period before the go-live of EMIR Refit.