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ESMA Proposes Delay to EMIR ETD Reporting

A few weeks ago, we brought you early reports that indicated European Securities Markets Authority (ESMA) would postpone the start date for trade reporting exchange-traded derivatives (ETDs) under EMIR to 1 January 2015.  On 8 August, ESMA’s website confirmed this in a letter and Final Report to the European Commission.  ESMA proposes an amendment to Article 5 of the Commission Implementing Regulation No.1247/2012 which sets out the implementing technical standards (ITS) on the format and frequency of ETD reporting to trade repositories under EMIR.

The current reporting start dates contained in the ITS do not distinguish the methods of trading (EDT v OTC).  Such specification ESMA believes, is necessary to ensure the harmonised reporting of ETDs.  A delay in the reporting date for ETD transactions will allow ESMA sufficient time for the development of guidelines and their implementation by counterparties, trade repositories and regulators.  The European Commission has three months to decide whether to endorse ESMA’s draft implementing technical standards.  However, in the letter ESMA has underlined the urgency of this matter and asked that the Commission consider them as soon as possible “so that it will still be feasible to change the reporting start date ahead of the winter break”.

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