On Jul. 12, UK FCA issued further brief consultation on EMIR FAQ.
FCA published consultation on further EMIR FAQ, concerning position level reporting.
Follows UK FCA Jul. 2024 issued finalized Q&As covering topics 6 to 11, see #210845.
Background
In Feb. 2023, FCA issued joint policy statement with UK BoE confirming changes to derivative reporting framework under UK EMIR, received requests for related guidance.
Regulator is providing such guidance in the form of questions and answers grouped into topics, these have been consulted in batches to ensure stakeholder views heard.
Finalized Q&As from the first and second consultations have now been published.
Further Consultation
In response to a query received during the second consultation, FCA now consults on one further draft question and answer under topic 10 on position level reporting.
Asks can spread bets be reported at position level only (not as individual transactions).
Responds this can be done if certain minimum details met under technical standards.
Consultation End
The closing date for feedback on this additional question and answer is Jul. 23, 2024.
Jul. 26, 2024 Final Q&A
On Jul. 26, 2024, UK FCA issued the final version of the Q&A on which it consulted.
Answer to Q 10.9 confirms that spread bets can initially be reported with action type POSC before being aggregated and re-reported at position level, provided the conditions in technical standards on data to be reported to trade repositories are met.
All the FCA's UK EMIR reporting questions and answers have now been published.
Q&As are applicable from Sep. 30, 2024 in line with majority of the new requirements.
Firms should review these and incorporate guidance into their reporting arrangements.
