EC Trade Repositories, EMIR Refit RTS

On Jun. 10, EC adopted regs amending trade repositories RTS, ITS.

  • EC adopted regulations regarding regulatory and implementing technical standards.
  • Follows ESMA Mar. 2020 issued RTS on trade repositories and EMIR Refit, see #74740.
  • RTS - C(2022) 3581
  • RTS specifying procedures for reconciliation of data between trade repositories and the procedures to verify compliance by reporting counterparty or submitting entity with reporting requirements and to verify completeness and correctness of data reported.
  • Article 1 sets out process for verification of reports on derivatives by trade repositories.
  • Article 2 sets out the procedure for the update of legal entity identifiers (LEIs).
  • Article 3 establishes the procedure for the reconciliation of data by trade repositories.
  • Article 4 establishes end-of-day information regarding reported derivatives that trade repositories must available to certain entities; article 5 sets date of entry into force.
  • RTS - C(2022) 3585
  • Amends RTS in regulation 150/2013 regarding details of applications for registration as a trade repository and applications for extension of registration as a trade repository.
  • Article 1 amends regulation 150/2013 re information registering trade repository under EMIR, payment of fees when a trade repository applies for registration under EMIR.
  • And the information to be provided when a trade repository already registered under SFTR applies for an extension of authorization to provide services regarding EMIR.
  • Article 2 sets out date of entry into force of the proposed amendments, with a specific date of application, 18 months after the entry into force of the proposed delegated regulation, for amendments related to the content of the application for registration.
  • RTS - C(2022) 3589
  • Supplementing regulation 648/2012 regarding the RTS specifying the minimum details of the data to be reported to trade repositories and the type of reports to be used.
  • Article 1 presents the details to set out in the reports; article 2 sets out how to report cleared trades; article 3 establishes the conditions to report at position level.
  • Article 4 establishes the details with regards to the reporting of exposures; article 5 specifies the reporting of notional amounts; article 6 specifies the reporting of prices.
  • Article 7 specifies obligations re linking reports related to derivatives concluded or terminated as a result of same event; article 8 repeals delegated regulation 148/2013.
  • Article 9 sets application of the proposed rules at 18 months after its entry into force.
  • RTS - C(2022) 3590
  • Amends RTS laid down in regulation 151/2013 by further specifying the procedure for accessing details of derivatives, and technical, operational arrangements for access.
  • Article 1 amends delegated regulation 151/2013 on how, when and to whom trade repositories should grant access to details of derivatives; article 2 sets out entry into force of delegated regulation and sets out delayed entry into application of 18 months re requirements on specific type of access to entities listed in article 81(3) of EMIR.
  • ITS - C(2022)3580
  • Regulation amends ITS laid down in reg 1248/2012 as regards format for applications for registration as trade repositories and for applications for extension of registration.
  • ITS - C(2022) 3588
  • Regulation laying down ITS for the application of reg 648/2012 of EP and Council with regard to standards, formats, frequency and methods and arrangements for reporting.
  • Effectiveness
  • If EP, Council do not object to RTS during scrutiny period, generally 2 months, these will be published in official journal and enter into force on 20th day after publication.
  • Both ITS will enter into force on 20th day following publication in Official Journal.
  • Aug. 2022 Editorial Update
  • On Aug. 12, 2022, Reg-Track made an update to add links to the two ITS documents.
  • Oct. 2022 Official Journal
  • On Oct. 7, 2022, EU CMSN issued the finalized standards in the EU Official Journal.
  • Reg 2022/1855 on RTS specifying minimum details of the data to be reported to TRs.
  • Reg 2022/1856 on RTS specifying the procedure for accessing details of derivatives.
  • Reg 2022/1857 on RTS specifying details of the application for registration as a TR.
  • Reg 2022/1858 on RTS specifying procedures for reconciliation of data between TRs.
  • Reg 2022/1859 on ITS regarding the format for applications for registration as TRs.
  • Reg 2022/1860 on ITS regarding reporting standards, formats, frequency, methods.
  • Regulations shall enter into force on the 20th day following that of publication in the Official Journal, Oct. 31, 2022; and shall largely apply from Apr. 29, 2024.
  • Nov. 2022 Corrigendum
  • On Nov. 24, 2022, EU CMSN issued corrigendum to Reg 2022/1860; in Article 4(1): for in accordance with paragraphs 2 to 14 read in accordance with paragraphs 2 to 13.
  • May 2022 Corrigendum
  • On May 11, 2023, EU CMSN issued corrigendum to Reg 2022/1860; updates Article 10 to add date Apr. 29, 2024 for date by which derivative contracts are to be reported.

Regulators EU CMSN
Entity Types B/D; Depo; Exch
Reference OJ L 125/59, 5/11/2023; OJ L 304/102, 11/24/2022; OJ L 262/1, L 262/34, L 262/41, L 262/46, L 262/65, L 262/68, 10/7/2022; PR, RTS, ITS, Reg 2022/1855, Reg 2022/1856, Reg 2022/1857, Reg 2022/1858, Reg 2022/1859, Reg 2022/1860, 6/10/2022; Reg 1248/2012; Reg 150/2013; Reg 148/2013; Reg 151/2013; EMIR Reg 648/2012; EMIR Refit Reg 2019/834; Citation: Reg 2022/1855; Reg 2022/1856; Reg 2022/1857; Reg 2022/1858; Reg 2022/1859; Reg 2022/1860;
Functions Compliance; Financial; Legal; Operations; Registration/Licensing; Reporting; Settlement; Trade Reporting; Treasury
Countries European Union
Products Clearing; Corporate; Derivatives; Securities
Regions EMEA
Rule Type Final
Rule Date 6/10/2022
Effective Date 4/29/2024
Rule Id 140215
Linked to Rule :74740
Reg. Last Update 5/11/2023
Report Section EU

Last substantive update on 05/14/2023