On 6 June 2025, the Bank of England (BoE) and the Financial Conduct Authority (FCA) jointly issued a consultation paper setting out minor changes to the UK European Markets Infrastructure Regulation (UK EMIR) reporting regime to make it work more smoothly.

Background

The BoE and the FCA share supervisory responsibilities for the EMIR derivatives reporting obligation. The BoE is responsible for the framework for derivatives reporting as it applies to central counterparties. The FCA is responsible for the reporting framework for all other counterparties.

Proposals

The implementation of UK EMIR Refit was completed in March 2025, and in light of industry feedback the BoE / FCA now wish to make the following changes to the UK EMIR reporting regime in the following standards instruments:

• The Technical Standards (EMIR Reporting and Data Quality and Miscellaneous Amendments) Instrument 2023Opens in a new window (BoE).
• EMIR Technical Standards on the Minimum Details of the Data to be Reported to Trade Repositories 2023 (FCA).
• EMIR Technical Standards on the Standards, Formats, Frequency and Methods and Arrangements for Reporting 2023Opens in a new window (FCA).

Together, the above standards instruments are collectively referred to as the ‘Technical Standards’.

Specifically, the BoE and FCA wish to make the following changes to the Technical Standards:

• The addition of ‘Execution agent’ as a new field, Field 30, in Table 3 of the Annex of each reporting technical standards, and the consequential cross-referencing changes in the technical standards.
• The amendment of Article 8 (‘Unique Transaction Identifiers’) of Annex B (Technical Standards on the Standards, Formats, Frequency and Methods and Arrangements for Reporting) of the technical standards to correct a cross-referencing error.

Next steps

The deadline for comments on the consultation is 30 June 2025.