Reasons for publication

This Final Report contains the assessment of the feedback received from stakeholders and the proposed updates to the ESMA Guidelines on position calculation under EMIR Refit. The Guidelines provide clarification regarding the time of calculations, the scope of the data to be used in calculations and the calculation methodologies under the new EMIR Refit standards. The Final Report also clarifies the way forward for TRs to adopt for managing the 6-month EMIR Refit transition period.

Contents

Section 2 contains the list of legislative references, abbreviations, and definitions. The scope and purpose of these Guidelines are explained in section 3.1, together with the legal provisions in section 3.2. Section 3.3 provides a high-level summary of the most relevant feedback received to the public consultation on key topics and describes the way forward proposed by ESMA. It covers important aspects such as the implementation timeline and go-live date, methodology to be used for determining the 'buyer' and 'seller' of a transaction, and an overview of newly added fields to be included in the position reports. Annex 4.1 refers to the request for advice of the Securities and Markets Stakeholders Group, while Annex 4.2 contains the extended feedback to the consultation paper. Finally, section 4.3 contains the Guidelines that will apply from 28 October 2024.

Next Steps

ESMA will publish the Final Report and the Guidelines on the ESMA's website. 6 months prior to the date of application, the original guidelines (ESMA70-151-1350) will be repealed.