The European Securities and Markets Authority (ESMA) has published a Consultation Paper on proposed Technical Standards in respect of certain aspects of the reporting obligation. The Consultation Paper is published, and Technical Standards are proposed, under the mandate of the EMIR REFIT and cover a very wide range of topics in respect of the reporting obligation, including further detail and adjustments to the reporting requirements, data quality, data access and registration of Trade Repositories under EMIR REFIT.
Among the many things covered, the Consultation Paper proposes certain practical details and requirements in respect of the following topics:
- Mandatory delegation from NFC- to FC, including where the NFC- decides to report for itself
- Delegation of reporting
- Data quality and consistency of reports from both counterparties
- Notification of errors and omissions to national competent authorities
- Use of certain data standards (eg. UTIs, UPIs, LEIs)
The consultation period is open until 19 June 2020 and ESMA suggests that it expects to publish its final report and submit it to the European Commission for endorsement in Q4 2020, after which the Technical Standards would be subject to the usual period of non-objection by the European Parliament and Council.
ESMA proposes that the Technical Standards would only apply 18 months after its entry into force, so as to provide a sufficiently long implementation period for the market.
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