Article 9 of the European Market Infrastructure Regulation (EMIR) provided a mandate to the European Securities and Markets Authority (ESMA) to draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) on a consistent application of the reporting obligation for counterparties and central counterparties. In 2012 and 2013 ESMA completed its mandate and submitted drafts to the European Commission, which became Regulation No. 148/2013 (RTS) and Regulation No. 1247/2012 (ITS).

Before and since the implementation of EMIR reporting, ESMA has issued a set of Q&As which is updated whenever necessary, dealing with the most urgent issues and clarifying some interpretations of data fields of the technical standards and the most appropriate way of populating them.

ESMA has now published a consultation paper concerning a review of the technical standards on reporting under Article 9 EMIR. The consultation paper introduces three categories of changes to the current technical standards:

  • clarifications of data fields, their description or both;
  • adaptations of existing fields to the reporting logic prescribed in the ESMA Q&As or to reflect specific ways of populating them; and
  • introductions of new fields and values to reflect market practice or other necessary regulatory requirements.

The deadline for comments on the consultation paper is 13 February 2015.

View Consultation paper – Review of the technical standards on reporting under Article 9 of EMIR, 10 November 2014