On 28 September 2020, the European Securities and Markets Authority (ESMA) announced that it has updated its Q&As on practical questions regarding data reporting issues, under the European Markets Infrastructure Regulation (EMIR).

ESMA states that:

  • The updated Trade Repository (TR) Q&A 1(c) clarifies that counterparties should use the underlying to determine the asset class of total return swaps when reporting under EMIR.
  • A new TR Q&A clarifies that the reporting of the field reference entity for credit derivatives can be made with a country code only in the case where the reference entity is a supranational, a sovereign or a municipality.
  • Another new TR Q&A indicates how the fields execution timestamp, effective date, maturity date and settlement date should be reported for Forward Rate Agreement derivatives (FRAs).