EMIR REFIT - ESMA publishes Guidelines and technical documentation on reporting
The 20 December 2022, the European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, clarified the legal provisions on reporting and data management under the amended EMIR rules and providing practical guidance on their implementation.
The Guidelines published further enhances the harmonisation and standardisation of reporting under EMIR contributing to the high quality of data necessary for the effective monitoring of the systemic risk. Furthermore, increased harmonisation and standardisation of reporting allows to contain the costs along the complete reporting chain - the counterparties that report the data, the Trade Repositories which put in place the procedures to verify the completeness and correctness of data, and the authorities, defined in Article 81(3) of EMIR, which use data for supervisory and regulatory purposes.
The final report on Guidelines was accompanied by the validation rules and the reporting instructions.