EMIR Trade Reporting
ESMA has issued an updated version of the Questions and Answers document on EMIR trade reporting, which can be found here. It contains several updated answers, some of which will be of interest to energy and commodity market participants:

• TR Question 34 (page 93) – Adds a method to report such contracts  with no maturity date as a position component.
• TR Question 38 (page 96) – Relates to trades terminated before the reporting deadline.
• TR Question 50 (page 113) – Clarifies when  “N” should be used for “confirmation means”.

EMIR REFIT progress
The European Commission has issued this press release announcing agreement in the European Parliament with member states over the EMIR REFIT process, which aims to change the EMIR level 1 text in line with various recommendations made for changes, mainly to simply the process in many cases. The proposed changes include several that impact Non Financial Counterparties such as those in energy and commodities (see here). There are still some steps of the process remaining before publication in the Official Journal of the European Union.

Central Bank of Ireland statement on EMIR REFIT timing
Following last week’s statement by ESMA, directing National Competent Authorities to deprioritise enforcement of the upcoming EMIR backloading deadline on 12th February, the Central Bank of Ireland (CBI) has issued this statement confirming that they intend to comply. The REFIT process was to remove this requirement. However, it has not yet been published in the Official Journal, despite being in discussion for a significant period. ESMA’s statement is discussed here.