On Feb. 2, ESP CNMV adopted ESMA guidelines for EMIR notifications.

  • 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.
  • Effectiveness
  • The guidelines to apply as of Apr. 29, 2024.

Regulators ESP CNMV
Entity Types B/D; Bank; Corp; Depo; Exch; FCM; HF; Inv Co; OTC
Reference PR 2/2/2024; Gd ESMA74-362-2281; EMIR REFIT Reg 2019/834; EMIR Reg 648/2012
Functions Compliance; Financial; Legal; Operations; Registration/Licensing; Reporting; Risk; Settlement; Trade Reporting; Treasury
Countries Spain
Products Banking; Clearing; Commodities; Corporate; Deposits; Derivatives; Equity; Forex; Fund Mgt; Hedge Funds; Investment Bank; Securities
Regions EMEA
Rule Type Final
Rule Date 2/2/2024
Effective Date 4/29/2024
Rule Id 200116
Linked to Rule :157256
Reg. Last Update 2/2/2024
Report Section EU

Last substantive update on 02/06/2024