Today’s announcement includes the publication of the final report on the Guidelines for reporting under EMIR, as well as the validation rules and the reporting instructions (here and here ).
The Guidelines provide clarifications on the following aspects of reporting:
1. Transition to reporting under the new rules
2. The number of reportable derivatives
3. Intragroup derivatives exemption from reporting
4. Delegation of reporting and allocation of responsibility for reporting
5. Reporting logic and the population of reporting fields
6. Reporting of different types of derivatives
7. Ensuring data quality by the counterparties and the TRs
8. Construction of the Trade State Report and reconciliation of derivatives by the TRs,
9. Data access.
The validation rules include the following:
1. Validations for your derivative transaction reports
2. Validations for your margin reports
3. Notification to NCA on Data Quality Issues
• Declaration and templates to be completed
The reporting instructions include the templates for the XML messages (Incoming and Outcoming) to be sent by the TR / Report Submitting Entity / Reporting Counterparty
The new rules will enter into application on, the go-live date 29 April 2024.
Watch this space as we digest this information and provide further guidance for the successful implementation of the new rules.
