Reasons for publication

ESMA, under Regulation (EU) No 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 (EMIR REFIT), is mandated to develop implementing technical standards on reporting of derivatives to the Trade Repositories (TRs), implementing and regulatory technical standards on registration of TRs, regulatory technical standards on the procedures to be applied by the TRs to reconcile and validate the data as well as regulatory technical standards on the publication and provision of data by the TRs to the relevant authorities. The proposals on which ESMA is consulting build up on the existing rules and on the experience in implementing EMIR since 2012 thus address several essential aspects related to enhancement of the quality of the reported derivatives data.

Additionally, ESMA proposes to amend the regulatory technical standards on reporting of derivatives to the TRs pursuant to the empowerment set out in the Regulation (EU) No 648/2012 (EMIR).

Contents

This Consultation paper covers the technical standards on reporting requirements, procedures to reconcile and validate the data and access by the relevant authorities under EMIR REFIT. Additionally, ESMA proposes to revise certain aspects of reporting to the TRs in order to align the reporting requirements in the EU with the global guidance on harmonisation of OTC derivatives data elements reported to TRs, as developed by the CPMI and IOSCO working group for the harmonisation of key OTC derivatives data elements (Harmonisation Group).