Updates on EMIR; ESMA, May 30th, 2021
ESMA, the EU’s securities markets regulator, recently updated its Questions and Answers document on practical questions regarding reporting issues under the European Markets Infrastructure Regulation (EMIR).
This Q&A document aims to ensure that the supervisory activities of the competent authorities under the Regulation converge along the lines of the responses adopted by ESMA.
The updated Trade Repository (TR) Q&A 37 clarifies in what way ISIN which belongs to any of the individual components of the underlying basket, where the Relevant Competent Authority (RCA) should be reported.
The updated Trade Repository (TR) Q&A 53 represents the following clarification:
- How counterparties should be reporting in other similar scenarios, e.g. in the case of transition from LIBOR to risk-free rates.
- In the case of derivatives that are identified with an ISIN, how counterparties should modify their transactions and how the 2.6 Product ID field should be amended?
The newly added Trade Repository (TR) Q&A 58 contains answers on how a counterparty should report the field ‘Delivery type’ for credit derivatives, in particular in the case of credit event auction?
Updates on MiFIR; ESMA, May 30th, 2021
The updated Questions and Answers on MiFIR data reporting is covering further explanation on reporting of reference rates which is not included in RTS 23 and 22
The update from 28 May 2021 disclosing the following scenarios:
- In case voluntary switches to risk-free rates is it going to be considered as a reportable transaction under MiFIR Article 26?
- In case a financial instrument with a fallback rate is assigned a new ISIN, how should reporting entities populate Field 1 with the new ISIN under RTS23?
