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October 07, 2017

EC published a Commission Delegated Regulation (CDR; EU Regulation 2017/1800) that further specifies the operational standards required to access, aggregate, and compare data across trade repositories. EU Regulation 2017/1800 amends Delegated Regulation (EU) No 151/2013, which supplements European Market Infrastructure Regulation (EMIR: Regulation (EU) No 648/2012). Regulation 2017/1800 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union and shall apply from November 01, 2017.

Regulation (EU) No 151/2013 is being amended to further specify and improve the operational framework for accessing, aggregating, and comparing data across trade repositories. These amendments ensure that the entities referred to in Article 81(3) of EMIR are able to access the information necessary to fulfill their respective responsibilities and mandates. EU Regulation 2017/1800 is based on the draft regulatory technical standards submitted by ESMA to the EC. As part of the amendments to the Regulation (EU) No 151/2013, Paragraph 1 of Article 4 is being replaced; Paragraph 2 of Article 4 is being deleted; and Paragraphs 3 to 9 are being added in Article 5. Additionally, the deadlines by which data is provided to the relevant entities by trade repositories should be harmonized to improve the direct and immediate access to trade repository data and allow the relevant entities and the trade repositories to improve the scheduling of their internal data processes.

This amendment was required because data concerning the latest trade state of derivatives contracts with open interest is essential for monitoring financial stability and systemic risk. Therefore, the relevant entities should have access to that data. The lack of standardized data, uniform functionality, and a standardized message format has impeded the direct and immediate access to data, thus preventing the entities referred to in Article 81(3) of EMIR from effectively assessing systemic risk and fulfilling their respective responsibilities and mandates.

 

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Effective Date: October 27, 2017

Keywords: Europe, Securities, EMIR, CDR 2017/1800, CDR 151/2013, Trade Repository, OTC Derivatives, EC

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