The reporting requirements arising under Article 9 of EMIR (which became obligatory from 12 February this year) are essentially based upon Implementing Regulation 1247/2012 (format and frequency of trade reports) and Delegated Regulation 148/2013 (minimum details to be reported).
The three month timeframe in which ESMA had to deliver these technical standards was fairly demanding and did not allow thorough investigation and research into this new area of reporting. It is believed that the EMIR reporting has shown some shortcomings and that there are instances where improvements could be made.
ESMA has now issued a Consultation Paper (2014/1352) containing a review of the EMIR reporting technical standards.
Although the changes in 2014/1352 are still in the consultation stage, firms subject to EMIR reporting – and particularly those who may have developed their own in-house systems – should familiarise themselves with the potential changes in order to consider the impact upon current processes and procedures and to plan accordingly.
The consultation period ends 13 February 2015. Once ESMA’s final report is submitted to the European Commission the latter will have three months to decide whether to endorse ESMA’s draft regulatory and implementing technical standards.