New ESMA Guidance On EMIR Transaction Reporting

ESMA published a revised set of Q&As on EMIR on 11 February, the eve of the EMIR transaction reporting go-live date. They include updates and new guidance in several areas, including transaction reporting.

This Client Alert pulls together the relevant new/modified sections from the latest Q&As (available at: http://www.esma.europa.eu/content/QA-VI-EMIR-Implementation) applicable to the 12 February EMIR reporting start date. We have reproduced those sections below with added commentary. The aim is to assist those who will need to ensure that their reporting set-up incorporates this new guidance to focus on the main points of relevance to them.

Our commentary is in dark red – for ease of reference. Pages 69 to 71 of the Q&As also include transaction reporting scenarios applicable to OTC trades. We have not reproduced them here.