ESMA Issues Guidelines and Technical Document on Reporting Under EMIR REFIT

The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is clarifying the legal provisions on reporting and data management under the amended EMIR rules and providing practical guidance on their implementation.

The guidelines will further enhance the harmonisation and standardisation of reporting under EMIR contributing to the high quality of data necessary for the effective monitoring of the systemic risk. Furthermore, increased harmonisation and standardisation of reporting allows to contain the costs along the complete reporting chain - the counterparties that report the data, the TRs which put in place the procedures to verify the completeness and correctness of data, and the authorities, defined in Article 81(3) of EMIR, which use data for supervisory and regulatory purposes.

The guidelines provide clarifications on the following aspects:

• ​transition to reporting under the new rules,

• ​the number of reportable derivatives,

• ​intragroup derivatives exemption from reporting,

• ​delegation of reporting and allocation of responsibility for reporting,

• ​reporting logic and the population of reporting fields,

• ​reporting of different types of derivatives,

• ​ensuring data quality by the counterparties and the TRs,

• ​construction of the Trade State Report and reconciliation of derivatives by the TRs,

• ​data access.

The final report on guidelines is accompanied by the validation rules and the reporting instructions .

The validation rules document sets out detailed technical rules on how the TRs should verify the completeness and accuracy of the reported data as well as the conditions and thresholds to be applied to determine whether the values reported by both counterparties match or not.

The reporting instructions contain EMIR XML messages which were updated or newly developed based on the revised technical standards and validation rules.