Firms subject to EMIR should be aware that additional (daily) reporting to a Trade Repository (TR) comes into force on 11 August.
As will be known, the obligation to report to a TR under Article 9 of EMIR began on 12 February. The minimum details to be reported to a TR appear in the Annex of Delegated Regulation 148/2013 and include e.g. time, counterparty ID etc. Data cells 17 onwards requires information relating to mark to market valuation of the contract or mark to model valuation where applicable.
As for the format and frequency of those TR reporting data cells we have to look to Implementing Regulation 1247/2012. Article 2 tells us that mark to market or mark to model valuations reported to a TR shall be done on a daily basis. Article 5(4) provides a 180 day extension of the reporting start date of exposures, which means that reporting of this data commences Monday 11 August 2014.
Reporting due dates:
- For contracts entered into before 16.08.2012 and that are still outstanding as at 11.08.2014 must be reported within 90 days of 11.08.2014 (Article 5(3) 1247/2012)
- For contracts entered into before 16.08.2012, that were outstanding at that date but are not outstanding as at 11.08.2014 must be reported within 3 years of 11.08.2014 (Article 5(4)(a) 1247/2012)
- For contracts entered into on or after 16.08.2014 but are not outstanding as at 11.08.2014 must be reported within 3 years of 11.08.2014 (Article 5(4)(b) 1247/2012)
- For contracts entered into on or after 16.08.2014 and that are still outstanding as at 11.08.2014 must be reported by the next day i.e. 12.08.2014
- For contracts entered into on or after 11.08.2014 must be reported by end of next business day
The FCA’s EMIR webpage includes access to a high level implementation timetable which briefly addresses the above as well as margining requirements coming into force from 1 December 2015.