ESP CNMV adopted ESMA guidelines for notifications per EMIR REFIT reporting regime.
Follows ESMA Oct. 2023 published Guidelines to report under EMIR REFIT, #157256.
Overview
The guidelines complement and detail requirements set in EMIR REFIT Reg 2019/834.
They address issues such as transition to reporting under new rules, number of derivatives to be notified, exemption from notification of intragroup derivatives.
Delegation, responsibility in duty to notify, procedure to complete notification fields.
Different types of derivatives treatment, verification of data quality by counterparties and TRs, preparation of status report, reconciliation of derivatives by TRs, data access.
ESP CNMV reminds that modifications to reporting requirements under EMIR included in regulatory package of EMIR Refit, will apply as of Apr. 29, 2024.
It is expected that both counterparts financial and non-financial entities, subject to reporting obligations, entities acting per delegation, become familiar with content.
Entities expected to carry out preparations and technological developments necessary in advance so they can correctly notify their derivative contracts as of indicated date.
