ESMA has issued this report on the new reporting standards to be used for EMIR reporting under a new set of Regulatory Technical Standards(RTS). The changes are significant and are the second set of major changes, following the initial reporting formats from 2014 and the change in 2017. A consultation on the reporting was run by ESMA earlier this year. The RTS will apply from 18 months after it is published in the Official Journal of the European Union. The main themes include: • Alignment with international standards” – for data elements. • ISO 20022 – will be the data standard used. • Same data quality standards at each TR. This represents a significant change in reporting. Those under EMIR UK will need to see whether the UK follows suit. ESMA also issued this updated Questions and Answers document on EMIR. The changes include OTC Question 1 on page 15 which has been updated to say that when calculating the clearing threshold, positions on UK exchanges should be included if the Regulated Market is not recognised, but only for those entered into from 1st January. Residual positions are not included. Some changes on pages 126 and 129 relate to references… continue reading
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Source: CTRM Center