ESMA has launched a consultation on its draft Guidelines for derivatives reporting under EMIR. The document can be found here. It follows the report issued by ESMA in December 2020, which outlined many of the key changes (see here). As described in ESMA’s press release the document focuses on:

• how reports should be constructed and in what circumstances reports should be made;
• reporting logic, including the use of action and event types;
• reporting in the case of delegation as well as under provisions on allocation of responsibility for reporting;
• the population of specific sections of fields; and
• the correct population of fields for different reporting scenarios and different products. 

The changes will go into effect 18 months after the technical standards are approved, with go live likely to be in the middle of 2023. This version of EMIR will apply in the EU. The UK version will be consulted on by the FCA over the summer (see here)