On January 21, 2017, a Commission Implementing Regulation amending Implementing Technical Standards on the format and frequency of trade reports submitted to trade repositories was published in the Official Journal of the European Union. The original ITS, published in the Official Journal on December 21, 2012, supplements the reporting requirements in EMIR. ESMA provided a final draft amending ITS to the European Commission in November 2015. ESMA considered that the original standards needed to be updated to incorporate the feedback and Q&As during implementation of the reporting requirement under EMIR since 2013. The text of the final amending ITS differs from the text of ESMA's final draft ITS; however, the changes are minor. The revisions to the original ITS include, among other things: (i) specific rules to assist in the determination of who are the buyer and seller to various types of swap derivative contract for reporting purposes; (ii) rules for reporting collateralization for a given derivative contract or portfolio; (iii) criteria for the generation of unique trade identifiers where two counterparties cannot agree on responsibility for generating a unique identifier within the reporting timeline; (iv) extension of the period for reporting terminated trades from three to five years from the commencement date of reporting; and (v) updated standards and formats to be used in trade data reports. The amending ITS will enter into force on February 10, 2017. The revised reporting obligations will apply from November 1, 2017, which should allow counterparties enough time to prepare for the incoming changes.
The amending ITS is available at: http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32017R0105&from=EN ; and the original ITS is available at: http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32012R1247&from=EN .
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