This Circular is being addressed to all market participants
which enter into Derivative Contracts as defined under EMIR1.
On the 21st January 2017, the European Commission issued the
revised Regulatory Technical Standard ('RTS') and
Implementing Technical Standard ('ITS') on the Reporting
Obligation under Article 9 of EMIR. The revised RTS and ITS present
a significant number of changes for EMIR trade reporting. Such
changes include new reporting fields, changes to position reporting
and collateral reporting, amongst others. Both the RTS and ITS
shall apply from the 1st November 2017, with the exception of
Article 1(5) of the ITS, which started applying from the date of
entry into force, that is, 10th February 2017.
The revised standards may be accessed through the following
For the purpose of facilitating a smooth transition for the
implementation of the revised standards, the European Securities
and Markets Authority ('ESMA') has published on its website
an updated version of the Q&A on EMIR implementation. The scope
of this document is to promote a common approach towards EMIR
requirements as well as provide responses to questions raised by
the general public, market participants and competent authorities
in relation to the practical application of EMIR.
Furthermore, ESMA has also published on its website the updated
validation rules for reports submitted under the revised RTS and
ITS, which will also become applicable as from 1st November
The Q&A and validation rules may be accessed through the
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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