On 24th October, ESMA released an updated version of their Q&A document, available here.
The principal amendments to the Q&A clarify some of the ambiguity surrounding trade reporting, and in particular:
- Backloading, with regard to third country entities that subsequently become financial counterparties in the EU, and whether these are required to report trades that were entered into before becoming subject to EMIR [TR Q4]
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Additional clarity on LEIs and where a client code can be used for counterparties who do not have a BIC or LEI [TR Q10]
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Detail on how much access to information national competent authorities are permitted [TR Q37]
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The expected treatment of trades terminated before the reporting deadline [TR Q38]
- Detail on the reporting of block trades and allocations [TR Q39]
ESMA have also published a validation table which provides field-level detail to the answers given in TR Q20, clarifying which fields are mandatory, those fields that can be left blank under appropriate circumstances, and those fields which are deemed as not applicable under certain circumstances and how this should be represented.
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