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Final Report - Technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT (ESMA74-362-824)1 Legislative references and abbreviations2 Executive Summary3 Background (paras. 1-4)4 Reporting (paras. 5-501)4.1 Methods and arrangements for reporting (paras. 5-79)4.1.1 Provisions of details of OTC derivative contracts by NFC to FC (paras. 5-36)4.1.2 Reporting where an NFC decides to report itself (paras. 37-44)4.1.3 Delegation of reporting (paras. 45-51)4.1.4 Ensuring data quality by counterparties (paras. 52-79)4.2 Use of data standards (paras. 80-169)4.2.1 Use of ISO 20022 (paras. 80-94)4.2.2 Unique Trade Identifier (UTI) (paras. 95-122)4.2.3 Unique Product Identifier (UPI) (paras. 123-151)4.2.3.1 Identification of derivatives (paras. 123-140)4.2.3.2 UPI reference data (paras. 141-151)4.2.4 Use of Legal Entity Identifiers (LEIs) (paras. 152-159)4.2.5 Inclusion of CDEs (paras. 160-169)4.3 Reporting logic (paras. 170-233)4.3.1 Reporting of lifecycle events (paras. 170-176)4.3.1.1 Action types, event types and their combinations (paras. 177-209)4.3.1.2 Sequences of action types (paras. 210-217)4.3.1.3 Updated Lifecycle events model4.3.2 Reporting at position level (paras. 218-233)4.3.2.1 Deciding on the level of reporting (paras. 222-224)4.3.2.2 Scope of derivatives that can be reported at position level (paras. 225-227)4.3.2.3 Reportable details required at position level (paras. 228-230)4.3.2.4 Reporting at position level vs PTRR events (para. 231)4.3.2.5 Other comments (paras. 232-233)4.4 Content of the report (paras. 234-245)4.4.1 Data elements related to dates and timestamps (paras. 246-261)4.4.1.1 Effective date (paras. 249-251)4.4.1.2 Expiration date / Maturity date (paras. 252-253)4.4.1.3 (Early) termination date (para. 254)4.4.1.4 Reporting timestamp (paras. 255-256)4.4.1.5 Execution timestamp (paras. 257-258)4.4.1.6 Event date (paras. 259-261)4.4.2 Data elements related to counterparties and beneficiaries (paras. 262-309)4.4.2.1 Use of identifiers (paras. 262-270)4.4.2.2 Update of the LEI (paras. 271-295)4.4.2.3 Beneficiary and Trading Capacity (paras. 269-300)4.4.2.4 Direction of the trade (paras. 301-307)4.4.2.5 Indication of reporting obligation (paras. 308-309)4.4.3 Data elements related to clearing, trading, confirmation and settlement (paras. 310-344)4.4.3.1 Clearing (paras. 310-323)4.4.3.2 Confirmation (paras. 324-329)4.4.3.3 Settlement (paras. 330-338)4.4.3.4 Trading Venue (paras. 339-344)4.4.4 Data elements related to regular payments (paras. 345-351)4.4.5 Data elements related to valuation (paras. 352-364)4.4.6 Data elements related to collateral, margins and counterparty rating triggers (paras. 365-390)4.4.7 Data elements related to prices (paras. 391-397)4.4.8 Data elements related to notional amount and quantities (paras. 398-424)4.4.8.1 Notional amount and quantity (paras. 398-410)4.4.8.2 Notional schedules (paras. 411-416)4.4.8.3 Reporting of delta (paras. 417-424)4.4.9 Data elements related to credit derivatives (paras. 425-433)4.4.10 Data elements related to other payments (paras. 434-438)4.4.11 Data elements related to packages and links (paras. 439-450)4.4.12 Data elements related to custom baskets (paras. 451-461)4.4.13 Data elements relevant for REMIT reporting (paras. 462-465)4.4.14 Reporting of derivatives on crypto-assets (paras. 466-474)4.5 Reporting of outstanding derivatives under the revised rules (paras. 475-492)4.6 The date by which derivatives should be reported (paras. 493-501)5 Data quality provisions (paras. 502-584)5.1 Procedures on data collection (paras. 502-513)5.2 Procedures for update of an LEI (paras. 514-521)5.3 Reconciliation of data (paras. 522-577)5.3.1 Scope and start of the reconciliation process (paras. 522-532)5.3.2 Framework of the reconciliation process (paras. 533-547)5.3.3 Integrity of the reconciled derivatives (paras. 548-556)5.3.4 Format of the files to be exchanged (paras. 557-562)5.3.5 Data elements to be compared during the reconciliation process (paras. 563-577)5.4 Procedures for portability (paras. 578-584)6 Common response on reporting (paras. 585-635)6.1 Rejection response (paras. 585-593)6.2 Reconciliation response and relevant statuses (paras. 594-611)6.3 End-of-day (EoD) response (paras. 612-635)6.3.1 Recipients of the EoD reports (paras. 619-620)6.3.2 Summary of feedback on EoD reports (paras. 621-634)6.3.3 Final set of EoD reports (para. 635)7 Registration of the TRs (paras. 636-644)7.1 Additional provisions (paras. 636-637)7.2 Provisions for extension of registration (paras. 638-643)7.3 Format of the application for registration and extension of registration (para. 644)8 Data access by authorities (paras. 645-664)9 Publication of data (paras. 665-668)10 Annexes10.1 Annex I Legislative mandate to develop technical standards10.2 Annex II Opinion of Securities and Markets Stakeholder Group10.3 Annex III Cost-benefit analysis10.4 Annex IV Draft RTS on details of the reports to be reported to TRs under EMIR10.5 Annex V - Draft ITS on standards, formats, frequency and methods and arrangements for reporting to TRs under EMI10.6 Annex VI RTS on registration and extension of registration of TRs under EMIR10.7 Annex VII ITS on registration and extension of registration of TRs under EMIR10.8 Annex VIII - RTS on procedures for ensuring data quality10.9 Annex IX - RTS on operational standards for aggregation and comparison of data and on terms and conditions for granting access to data
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Version date: 17 December 2020 - onwards

2 Executive Summary

Reasons for publication

This Final Report is published as part of ESMA's work on Level 2 measures under the EMIR REFIT. It contains the assessment of the feedback to the Consultation Paper on the draft technical standards received from stakeholders as well as an explanation of the chosen way forward.

Contents

This Final Report accompanies the technical standards on reporting requirements, procedures to reconcile and validate the data, as well as the amendments to the technical standards on registration and access by the relevant authorities under EMIR REFIT.

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