September 26, 2018

ESMA updated questions and answers (Q&A) documents on the implementation of the European Markets Infrastructure Regulation (EMIR) and on data reporting under the Market in Financial Instruments Regulation (MiFIR).

The updates include the following:

  • Q&A on EMIR—The update includes a clarification on access models at European central counterparties (CCPs) and on models that typically aim to facilitate buy-side or small participant access to CCPs and to allow better capital treatment for clearing members. A Q&A has also been added to the trade repositories section of the document, explaining how a reporting counterparty should report an FX swap derivative under Article 9 of EMIR. This specific Q&A should be implemented in 12 months after its publication.
  • Q&A on MiFIR— The updated Q&A document includes answers related to foreign exchange (FX) swaps reporting and interest rate swaps reporting. The answer on FX swaps reporting includes reference data and transaction reporting scenarios where an FX swap is reported as a single stand-alone financial instrument. The answer on reporting of interest rate swaps includes reference data and transaction reporting scenarios involving interest rate swaps. The updated question and answer related to reference data Fields 8-11 clarifies how trading venues should populate Fields 8-11 in the reports submitted under Article 4 Market Abuse Regulation (MAR) and Article 27 MiFIR. The updated Q&A document also covers an amendment to the existing Q&A on total issued nominal amount.

The Q&A mechanism is a practical convergence tool used to promote common supervisory approaches and practices. It is intended to help investors and other market participants by providing clarity on the regulatory requirements.

 

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Keywords: Europe, EU, Securities, EMIR, MiFIR, Data Reporting, Q&A, ESMA

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