It is 6 years today since EMIR reporting started, on the 12th February 2014. The initial post from that day can be found here. Interestingly, for those in the energy industry, the start date also coincided with the eWorld fair.
Since then there have been several changes to the reporting formats, initially through “validation” updates and then via the modified Regulatory technical Standards on reporting (see here). The major “REFIT” changes were put in place last year, which amongst other things allows Non Financial Counterparties to benefit from an exemption to reporting transactions between internal entities (see here).
The start of EMIR reporting was a milestone in the compliance efforts of those in energy and commodities, being the first major deadline in this group of “financial style” regulation that has affected the industry in Europe. Since then several new rule-sets have also hit the sector. Although the rules have in many cases moved to “business as usual” mode, it is clear that the approach to compliance has evolved and matured at many market participants, both in technical and organisational terms. It is likely that this evolution will continue.