FCA and Bank of England Propose Targeted Amendments to UK EMIR Reporting Standards 2025

On 6 June 2025, the Financial Conduct Authority (FCA) and the Bank of England jointly published Consultation Paper CP25/16, proposing targeted updates to the UK European Market Infrastructure Regulation (UK EMIR) reporting framework. These proposed amendments aim to address industry feedback and improve the overall functionality and clarity of the UK derivatives reporting regime.

Key Proposed Amendments

1. Introduction of ‘Execution Agent’ Field

A central change is the proposed addition of the Execution Agent as a new field in Table 3 of the annexes to the EMIR Technical Standards on:

• The Minimum Details of the Data to be Reported to Trade Repositories (2023), and
• The Standards, Formats, Frequency, and Methods and Arrangements for Reporting (2023).

This addition is in response to industry requests and is intended to enhance the precision and utility of the reporting data. Consequential changes are also proposed throughout both technical standards to accommodate this new field appropriately.

2. Schema and Validation Rule Updates

The consultation includes corresponding amendments to the reporting schemas and UK EMIR Validation rules. These updates cover not only the new Execution Agent field but also other technical fields, reflecting a broader effort to align validation mechanics with reporting expectations and operational realities.

3. Correction of Cross-Referencing in Article 8(5)

The FCA and Bank of England are also proposing a minor correction to Article 8(5) of the Technical Standards on the Standards, Formats, Frequency and Methods and Arrangements for Reporting. This amendment addresses a cross-referencing error relating to the Unique Transaction Identifier (UTI), ensuring consistency and legal clarity within the framework.

Next Steps

Stakeholders are invited to respond to CP25/16 as part of the ongoing collaborative approach to refining UK EMIR. The consultation underscores the regulators’ commitment to a pragmatic and responsive post-Brexit regulatory landscape, one that continues to prioritise both market stability and operational efficiency.