BEL CB New EMIR Reporting Standards

On May 16, BEL CB informed of the new EMIR reporting standards.

  • BEL CB issued communication NBB_2023_05 re the new EMIR reporting standards.
  • Document dated May 16, 2023, was received from BEL CB on May 17, 2023.
  • Follows EC Dec. 2022 proposals on clearing, insolvency and listing, see #155735.
  • Follows, ESMA Dec. 2022, issued guidelines/technical documentation, see #157256.
  • Main Points
  • Reminder that the new EMIR reporting standards will be applying from Apr. 29, 2024.
  • Entities must report the details of their derivatives contracts in the ISO 20022 format.
  • Trade repositories (TRs) will have to communicate the reconciliation status and the end-of-day status of the reports submitted by the entities also in ISO 20022 format.
  • New standards harmonize the EMIR reporting with the CPMI/IOSCO provided guidance.
  • Data re the exchange of collateral between counterparties will be reported separately.
  • These changes will apply to all the reports submitted by entities under the supervisory authority of the BEL CB, irrespective of the execution date of the contracts.
  • BEL CB encouraged using the ESMA template published on its site for submitting non-financial counterparties (NFC- counterparties) OTC liability notifications to BEL CB.
  • TRs will be required to provide feedback to the counterparties on the reports that they reject and on their reasons and on the reconciliation status of derivative contract data.
  • They will also need to inform counterparties of contracts without/outdated valuation.
  • BEL CB urged the entities to use the feedback provided by the TRs in the end-of-day response mechanism to identify and correct deficiencies in their reporting processes.
  • Effectiveness
  • The new EMIR standard reporting will be effective from Apr. 29, 2024, onwards.

Regulators BEL CB
Entity Types B/D; Depo; Exch; OTC
Reference Com NBB_2023_05, PR, 5/16/2023; Gd ESMA74-362-2281; EMIR Reg 648/2012; EMIR Refit Reg 2019/834; RTS 2022/1855; RTS 2022/1858
Functions Compliance; Financial; Legal; Operations; Reporting; Risk; Trade Reporting; Treasury
Countries Belgium
Products Derivatives
Regions EMEA
Rule Type Final
Rule Date 5/16/2023
Effective Date 4/29/2024
Rule Id 173243
Linked to Rule :155735
Reg. Last Update 5/16/2023
Report Section EU

Last substantive update on 05/22/2023