Earlier this week, ESMA released an updated questions and answers document on EMIR, which can be found here. It contains one new set of answers on page 121 on how scheduled and unscheduled maintenance of TRs should be handled.
Last week, the European Parliament issued this report specifying their desired changes to be undertaken as part of the EMIR review, for which the Commission issued a legislative proposal in December, as outlined in this previous post. It differs from the legislative proposal in several ways including:
- It keeps to the original proposal that internal deals should not be reported under EMIR if either party is an NFC including in third countries.
- It keeps the change regarding who reports an ETD to be the CCP.
The changes are expected to go into effect in stages, later this year, and next year.