The updated ESMA's Q&As of 1 February 2017 include a new answer in relation to transition to the revised technical standards on EMIR reporting, consisting of:
- Commission Implementing Regulation (EU) 2017/105 of 19 October 2016 amending Implementing Regulation (EU) No 1247/2012 laying down implementing technical standards with regard to the format and frequency of trade reports to trade repositories according to Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories;
- Commission Delegated Regulation (EU) 2017/104 of 19 October 2016 amending Delegated Regulation (EU) No 148/2013 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to regulatory technical standards on the minimum details of the data to be reported to trade repositories.
Amended reporting standards will apply from 1 November 2017, except for Article 1(5) of the ITS (delaying the backloading requirement) which will apply from 10 February 2017.
The Q&As clarify that:
- the reporting entities are not obliged to update all the outstanding trades upon the application date of the revised technical standards and
- they are required to submit the reports related to the old outstanding trades only when a reportable event takes place (e.g. when the trade is modified).
Furthermore, the Q&As explain how those reports will be validated by the trade repositories.
ESMA's Questions and Answers on EMIR (Q&As) are non-legislative, and periodically-updated piece of knowledge about required format of EMIR reporting.