CYP SEC EMIR New Reporting Rules

On Aug. 3, CYP SEC updated on new reporting standards under EMIR.

  • CYP SEC issued circular C593 on new reporting standards under EMIR, as amended.
  • The new reporting requirements described will become applicable on Apr. 29, 2024.
  • Follows EC Oct. 2022 issued finalized standards in EU Official Journal, see #140215.
  • Legal Context
  • Reg 2022/1855 specifies minimum details of data to be reported to trade repositories, type of reports to use; Reg 2022/1860 formats, frequency and methods for reporting.
  • Reg 2022/1856 further specifies procedure for accessing details of derivatives as well as the technical and operational arrangements for their access.
  • Reg 2022/1858 on procedures for reconciliation of data between trade repositories and to apply by trade repository to verify compliance of the reporting counterparty.
  • Or submitting entity with reporting requirements and to verify completeness and correctness of data reported; also final report on guidelines for reporting under EMIR.
  • Validation rules, reconciliation tolerances and template for the notification of errors and omissions in reporting plus XML EMIR reporting schemas.
  • Addressees
  • Cyprus investment firms; UCITS and, where relevant, their management companies.
  • AIFs set/managed in Cyprus, where relevant their AIFMs, non-financial counterparties.
  • Key Aspects
  • Reporting under ISO 20022 XML data formats are required for communication between trade repositories (TRs) and entities and from TRs to authorities.
  • As for content of the reports, many amendments are introduced and detailed in depth.
  • Including requirements around Unique Trade Identifier (UTI), verification of completeness and correctness of data reported and inter-TR reconciliation, etc.
  • Required Action
  • Counterparties to derivatives or ERRs, where applicable, should review implications of the new rules and take the necessary action in order to ensure compliance with EMIR.
  • Advised to evaluate new rules impact, revise their reporting procedures accordingly.
  • Ensure their reports fulfil conditions of article 1 of Reg 2022/1858 to avoid rejections.
  • That authorization of report submitting entities confirmed pre-reporting to avoid same.
  • Ensure all fields, relevant to derivative reported, populated, irrespective of whether said fields noted as optional in ESMA Validation Rules; plus a few other suggestions.
  • Transition
  • From Apr. 29, 2024, all reports submitted to TRs should comply with the new rules.
  • Outstanding derivatives i.e. derivatives reported before that day, not terminated by it, will need to be updated to new reporting requirements no later than 180 calendar days from reporting start date (with few exceptions).

Regulators CYP SEC
Entity Types B/D; Depo; Exch; HF; Inv Co; OTC
Reference Cir C593, 8/3/2023; Reg 2022/1855; Reg 2022/1856; Reg 2022/1858; Reg 2022/1860; EMIR Reg 648/2012;
Functions Compliance; Financial; Legal; Operations; Reporting; Risk; Settlement; Trade Reporting; Treasury
Countries Cyprus
Products Clearing; Corporate; Custody; Derivatives; Fund Mgt; Hedge Funds
Regions EMEA
Rule Type Final
Rule Date 8/3/2023
Effective Date 4/29/2024
Rule Id 181096
Linked to Rule :140215
Reg. Last Update 8/3/2023
Report Section EU

Last substantive update on 08/04/2023