ESMA opened two consultations relating to EMIR last week:
- Technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT (here).
- Report on post trade risk reduction services with regards to the clearing obligation (here).
The first consultation document covers a wide variety of topics relating to data reporting. These include those covered in section 4 which examines not only many of the fields reported, but also how delegated reporting is carried out, UTI generation, life-cycle events and other topics. The objective is to further improve and standardise compliance across TRs. There are also sections on reconciliation, responses from TRs and a proposal to use ISO 20022. Annexes propose new RTS’s and ITS’s including data fields.
The last major overhaul of reporting under EMIR was taken live at the end of October 2017 (see here). The consultation closes on 19 June 2020.
The second consultation examines services such as portfolio compression and considers, for example, whether trades arsing from a regulatory compression should be exempt from the clearing obligation. The consultation closes on 15 June 2020.