On 2 May 2024, the Financial Conduct Authority (FCA) published a new webpage on the UK European Market Infrastructure Regulation (UK EMIR) reporting questions and answers. The Bank of England (BoE) also updated its Trade Repository Data Collections webpage.

Background

Under Article 9 of UK EMIR, the BoE and the FCA share responsibility for derivatives reporting. The BoE is responsible for central counterparties and the FCA is responsible for all other counterparties in addition to trade repositories.

On 24 February 2023, the FCA and BoE jointly published Policy Statement (PS23/2) confirming changes to the derivative reporting framework under UK EMIR. The majority of the updated requirements are applicable from 30 September 2024, with a transition period for some aspects.

Q&As

The FCA and the BoE have now published finalised guidance and a summary of feedback from a first consultation on guidance to support the implementation of the amended UK EMIR reporting. The guidance is in the form of Q&As, grouped around the following topics:

•             Transitional arrangements.

•             Reconciliations.

•             Errors and omissions.

•             Derivative identifiers.

•             Actions and events.

The FCA and BoE have also issued a second consultation on further Q&As covering the following topics:

  • Venues.
  • Exchange traded derivatives.
  • Margin and collateral.
  • Clearing.
  • Position level reporting.
  • Asset class and product specific.

It is also consulting on some additional Q&As on transitional arrangements, derivative identifiers and actions and events.

The deadline for feedback on this consultation is 12 June 2024.

In certain circumstances, the draft Q&As also require a corresponding change to the UK EMIR Validation Rules (applicable from 30 September 2024), which feedback is also being sought.