12/17/2020 | Press release | Distributed by Public on 12/17/2020 10:58
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published a Final Report on technical standards (RTS and ITS) under the EMIR REFIT Regulation. The report covers data reporting to Trade Repositories (TRs), procedures to reconcile and validate the data, access by the relevant authorities to data and registration of the TRs.
This final report and draft RTS and ITS largely reflect the original proposals included in the consultation paper and focuses on further harmonisation of the reporting requirements as well as enhancements in the counterparties' and TRs' procedures on ensuring data quality.
Steven Maijoor, Chair, said:
'Today's Final Report is an important milestone towards ensuring the full alignment of EU derivatives reporting with globally agreed recommendations, and in establishing the highest standards for data quality worldwide. A globally harmonised approach to derivatives reporting ensures that regulators have the information they need to support their supervisory and financial stability objectives.
'In recent years ESMA has been actively engaged in the development of global guidance on the harmonisation of data elements reported to trade repositories. These elements are essential for the aggregation of data by authorities, through the use of the Unique Transaction Identifier, the Unique Product Identifier and other Critical Data Elements.'
The key proposals included in the technical standards are:
The draft technical standards have been submitted to the European Commission, and the proposed timeline for implementation of the technical standards by the reporting counterparties and TRs in the Union is 18 months from the date of their publication in the Official Journal.
In the meantime, ESMA will commence working on the guidelines on reporting under EMIR REFIT as well as on the technical documentation, including XML schemas and validation rules. ESMA aims to provide the industry with the relevant guidance and documentation sufficiently ahead of the reporting start date to ensure a smooth transition to the reporting under the revised rules.