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ARTICLE · 15 JANUARY 2024

Are You EMIR-Reporting Ready? Material Reporting Changes Take Effect On 29 April 2024

Arthur Cox
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EMIR derivatives must be reported by in-scope transacting parties to an eligible trade repository (TR). Revised EMIR technical standards on TRs and the information to be reported...

IrelandFinance and Banking
Phil Cody
Phil Cody
Aiden Small
Aiden Small
Peter Murphy
Peter Murphy
Sinead Cantillon
Sinead Cantillon
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EMIR derivatives must be reported by in-scope transacting parties to an eligible trade repository (TR). Revised EMIR technical standards on TRs and the information to be reported to them were published in the Official Journal on 7 October 2022. Priority matters for firms are the regulatory technical standards and implementing technical standards on reporting to TRs, together with related ESMA guidance, which take effect on 29 April 2024. With less than 4 months to go, it is important that your firm is getting ready and engaging with its TR or (where your firm has delegated reporting or EMIR requires another entity to report for you) reporting entity.

Summary of changes

  • Form of reports to be in XML: Reports to a TR must be in XML format and TRs should use XML messages, each in accordance with ISO 20022 methodology. Firms (or their reporting delegates) will need to ensure that they can both report and review reports in this machine-readable format.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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