On 27 May 2019, the European Securities and Markets Authority (ESMA) published a consultation paper on draft guidelines on periodic information and notification of material changes to be submitted to ESMA by trade repositories (TRs).

The draft guidelines set out the information that should be periodically submitted by TRs to ESMA. The draft guidelines clarify the format and frequency of the different categories of information which ESMA expects to receive in its role as supervisor of TRs registered in accordance with the European Markets Infrastructure Regulation (EMIR) and / or the Securities Financing Transactions Regulation (SFTR) and, hence, to clarify the respective obligations of TRs in accordance with Article 55(4) of EMIR and Article 5(4) of SFTR.

Specifically, the draft guidelines:

  • establish reporting schedules for TRs;
  • establish reporting calendars for TRs based on reporting schedules;
  • standardise reporting templates, channels and naming conventions; and
  • provide additional reporting clarifications in areas where ESMA has identified a supervisory need.

The deadline for responses to the consultation paper is 27 August 2019. ESMA expects to finalise the proposed guidelines and publish a final report in Q4 2019. ESMA expects TRs’ reporting under the draft guidelines to start on 31 July 2020. It means that all the information that is due to be submitted to ESMA by 31st July 2020 and thereafter, should be provided to ESMA in line with the draft guidelines.