The new EMIR RTS goes into effect

The new EMIR Regulatory Technical Standard will officially go into effect tomorrow, on the 1st November 2017. However, many Trade Repositories have implemented the new formats slightly earlier (see here).

The new RTS sees some significant changes to the reporting formats, including the addition of may new fields, and also changes in validations (see here) and acceptable values. These span many new fields relating to credit derivatives, new fields for reporting collateral updates, new rules about the use of product codes such as AII, CFI and ISIN and a requirement to use LEIs for counterparties. Trade Repositories have posted guidance over the past months in order to help market participants prepare for the changes, including:

The links above vary in terms of detail, depending on what is publicly available.

It is expected that the next few days will see the “bedding down” of the new reports as they go into production.

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