ESMA UPDATES Q&A ON EMIR DATA REPORTING

The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).

The amendments to the existing TR Q&A 34 on Contracts with no maturity date confirms that counterparties may report a derivative with Action Type “P” if the derivative is included in a position on the same day that it is reported.

The amendments to the existing TR Q&A 38 further clarifies when reports should be submitted with Action Type “N” and when with Action Type “P” in relation to reporting derivatives that are terminated before the reporting deadline.

A new TR Q&A 50 which clarifies the approach counterparties should take for reporting the field “Confirmation Means”. Following the amendment of the EMIR Reporting Validation Rules on 9 August 2018, scenarios may be reported where a derivative is traded on a trading venue then confirmed on a different platform or not confirmed.

The purpose of the Q&A is to promote common supervisory approaches and practices in the application of EMIR. It provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of EMIR.

 

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