On 20 December 2022, the European Securities and Markets Authority (ESMA) published a final report on guidelines for reporting under EMIR. The guidelines aim to further enhance the harmonisation and standardisation of reporting under EMIR.
The final report contains an assessment of the feedback received from stakeholders on key elements of ESMA guidelines on reporting under EMIR REFIT. The guidelines provide clarification regarding compliance with the EMIR technical standards and seek to ensure the consistent implementation of the revised rules on reporting under EMIR. They cover the following areas:
- transition to reporting under the new rules;
- the number of reportable derivatives;
- intragroup derivatives exemption from reporting;
- delegation of reporting and allocation of responsibility for reporting;
- reporting logic and the population of reporting fields;
- reporting of different types of derivatives;
- ensuring data quality by the counterparties and the TRs;
- construction of the Trade State Report and reconciliation of derivatives by the TRs; and
- data access.
The final report is accompanied by validation rules and reporting instructions.
The guidelines will be translated and published in all EU languages, and will enter into application on 29 April 2024.