ITA Consob ESMA EMIR Refit Reporting

On Jan. 24, ITA Consob issued notice re ESMA guidelines' compliance.

  • ITA Consob published notice of Jan. 24, 2024 re ESMA Guidelines on reporting of operations in derivative contracts pursuant to EMIR, as amended by EMIR REFIT.
  • Follows ESMA Oct. 2023 published guidelines for reporting under EMIR see #157256.
  • Document dated Jan. 24, 2024 was received on Feb. 26, 2024 due to a new feed.
  • Context
  • In Dec. 2022, to implement EMIR rules in EMIR REFIT, ESMA consulted on reporting guidelines re operational guidance on procedures and policies for Trade Repositories.
  • Also for transparency, collection and retention of data in Arts 9, 78, 81 of EMIR and related implementing provisions in some Delegated Regulations (cited).
  • Guidelines were published in all EU official languages on ESMA website in Oct. 2023.
  • ITA Consob, later notified ESMA of its intention to comply with mentioned Guidelines.
  • Key Aspects
  • Counterparties to derivative contracts are required to comply with ESMA guidelines covered by notice, starting from the date of entry into force i.e. from Apr. 29, 2024.
  • In particular, ITA Consob reminds counterparties to use regulatory data for their respective internal risk and security management processes compliance.
  • That, to ensure compliance with obligation to make correct reports, consistently report data and reduce reporting burdens.
  • Counterparties are obliged to notify ITA Consob about omissions and/or significant errors in reporting pursuant to art 9 of Regulation 1860/2022.
  • In this regard, as indicated in the guidelines, notifications in question must be received via forms prepared by ESMA attached to Notice and filled per instructions therein.
  • Notifications to must be sent to email addresses provided (one for non-Italy residents).
  • Effectiveness
  • Compliance with guidelines due from Apr. 29, 2024.

Regulators ITA Consob
Entity Types B/D; Depo; OTC
Reference Nt 1/24/2024; ESMA74-362-2281; EMIR REFIT Reg 2019/834; EMIR Reg 648/2012
Functions Compliance; Financial; Legal; Operations; Reporting; Risk; Settlement; Trade Reporting
Countries Italy
Products Derivatives
Regions EMEA
Rule Type Final
Rule Date 1/24/2024
Effective Date 4/29/2024
Rule Id 202491
Linked to Rule :157256
Reg. Last Update 1/24/2024
Report Section EU

Last substantive update on 02/29/2024