August 24, 2017

ESMA issued final guidelines on data transfer between trade repositories authorized under the European Market Infrastructure Regulation (EMIR; Regulation (EU) 648/2012). The guidelines cover the transfer of data at the request of a trade repository participant and the transfer of data due to withdrawal of trade repository registration. The guidelines become applicable on October 16, 2017.

The guidelines set out the basis to allow for a competitive trade repository environment and to ensure that high-quality data is available to authorities, including the aggregations carried out by trade repository, even in cases where the trade repository participant changes the trade repository to which their derivatives are reported. The guidelines establish a consistent and harmonized process to transfer records from one trade repository to another trade repository and support the continuity of reporting and reconciliation in all cases, including the withdrawal of registration of a trade repository. These guidelines require assessment on the compliance by trade repositories on an annual basis. EU has seven authorized trade repositories and data portability is essential for data quality, for competition between trade repositories, and for risk monitoring by authorities.

 

Related Links

Final Guidelines (PDF)

EMIR (PDF)

Effective Date: October 16, 2017

Keywords: Europe, EU, Securities, Data Portability, EMIR, Guidelines, Trade Repository, ESMA

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