On 13 July 2021, the European Securities and Markets Authority (ESMA) issued a consultation paper on draft guidelines for derivatives reporting under the European Market Infrastructure Regulation (EMIR).

When finalised the guidelines will apply to financial and non-financial counterparties to derivatives as defined in Articles 2(8) and 2(9) of EMIR, to trade repositories as defined in Article 2(2) of EMIR and Member State competent authorities. The guidelines will apply in relation to the derivatives reporting obligation as stated in Article 9 of EMIR and trade repository obligations under Articles 78 and 81 of EMIR. The guidelines will clarify provisions in the draft implementing technical standards (ITS) and regulatory technical standards (RTS) on reporting that were submitted to the European Commission on 16 December 2020. The guidelines will complement these EMIR technical standards on reporting, data quality and data access by providing clarifications on the reporting scheme which aim to ensure the consistent implementation of the EMIR reporting rules.

The deadline for comments on the consultation paper is 30 September 2021. ESMA intends to publish a final report in Q4 2021/Q1 2022 (subject to the adoption of the draft RTS and ITS on reporting by the Commission).