ESMA EMIR REFIT Reporting Guidelines

On Dec. 20, ESMA issued guidelines and technical documentation.

  • Issued final report on reporting guide under EMIR REFIT Reg 2019/834, assessment of feedback received from stakeholders on consultation of Jul. 2021, on key elements.
  • Guidelines provide clarification re compliance with 11 EMIR technical standards and ensure consistent implementation of revised rules on reporting under EMIR REFIT.
  • Follows ESMA Sep 2021 scheduled Sep. 20 hearing on EMIR report guideline #110917.
  • Overview
  • ESMA clarified legal provisions on reporting and data management under the amended EMIR rules and provided practical guidance on their implementation.
  • Guidelines will further enhance harmonization, standardization of reporting under EMIR contributing to high quality of data necessary for effective monitoring of systemic risk.
  • Further, increased harmonization and standardization of reporting allows to contain the costs along complete reporting chain -counterparties that report data, TRs which put in place procedures to verify the completeness and correctness of data.
  • But also authorities, in art 81(3) EMIR that use data for supervisory, regulatory goals.
  • Coverage
  • Guidelines provide clarifications on transition to reporting under new rules, number of reportable derivatives, intragroup derivatives exemption from reporting.
  • Delegation of reporting and allocation of responsibility for reporting, reporting logic and population of reporting fields, reporting of different types of derivatives.
  • Ensuring data quality by counterparties and TRs, construction of Trade State Report and reconciliation of derivatives by the TRs as well as data access.
  • Other Aspects
  • Final report on guidelines accompanied by validation rules and reporting instructions.
  • Validation rules set detailed technical rules on how TRs should verify completeness and accuracy of reported data, conditions and thresholds to be applied to determine whether values reported by both counterparties match or not.
  • Also issued template for notifications of reporting errors and omissions to the NCAs.
  • Reporting instructions contain EMIR XML messages updated or newly developed based on revised technical standards and validation rules.
  • Standardized format to report will eliminate risk of discrepancies due inconsistent data.
  • End-to-end reporting in ISO 20022 XML expected to further enhance data quality and consistency, mitigate data integrity risks by reducing need for data cleaning.
  • Also facilitate their exploitation for various supervisory and/or economic analysis based on changes presented by EMIR REFIT.
  • Implemented schema sets designed to ensure backward compatibility of data reporting
  • Final report has assessment of feedback received to proposals in consultation 2021.
  • Upcoming Steps
  • ESMA will continue to engage with market participants to clarify any remaining doubts and facilitate a smooth transition to reporting under EMIR REFIT.
  • Effectiveness
  • Guidelines to apply Apr. 29, 2024; will be translated and published in all EU languages.
  • Sep. 7, 2023 Validation Rules, Template
  • On Sep. 7, 2023, EU ESMA reissued spreadsheet the EMIR REFIT validation rules reconciliation tolerances and template for notifications of data quality (DQ) issues.
  • Oct. 23, 2023 Guideline Translations
  • On Oct. 23, 2023, ESMA published ESMA74-362-2281 Guidelines for reporting under EMIR in English, and translations in multiple EU languages, in force Apr. 29, 2024.

Regulators EU ESMA
Entity Types B/D; Bank; Corp; Depo; Exch; FCM; HF; Inv Co; OTC
Reference Gd ESMA74-362-2281, Trsl, 10/23/2023; Form ESMA74-362-2683, 9/7/2023; PR 12/20/2022; Gd ESMA74-362-2281, 12/14/2022; EMIR Reg 648/2012; Citation: EMIR REFIT Reg 2019/834;
Functions Compliance; Financial; Legal; Operations; Registration/Licensing; Reporting; Risk; Settlement; Trade Reporting; Treasury
Countries European Union
Products Banking; Clearing; Commodities; Corporate; Deposits; Derivatives; Equity; Forex; Fund Mgt; Hedge Funds; Investment Bank; Securities
Regions EMEA
Rule Type Final
Rule Date 12/20/2022
Effective Date 4/29/2024
Rule Id 157256
Linked to Rule :110917
Reg. Last Update 10/23/2023
Report Section EU

Last substantive update on 10/25/2023