ESMA Latest Consultation Paper on EMIR

As per market participants’ feedback there is struggle amongst reporting counterparties with the major issues such as low LEI participation, valuations, UTI management, and various trading scenarios.

ESMA proposes 3 general categories of changes in reporting:

  • Clarification of certain fields and the respective descriptions.
  • By way of introduction of new fields and values.
  • Existing reporting fields will be incorporated to the Q&As logic.

Probable enforcement of proposed changes in Q4 of 2015 since deadline for consultation is 13th February 2015 and we should expect final recommendations from ESMA to European Commission in Q2-Q3.

Market participants will need to adjust their reporting processes accordingly. On- boarding, trading and other related systems which to be aligned with the new data requirements.

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