The European Securities and Markets Authority (ESMA) has today published a consultation paper on the revision of the Regulatory Technical Standards (RTS) and implementing technical standards (ITS) in relation to the European Market Infrastructure Regulation (EMIR).

The ESMA RTS/ ITS deal with the obligation of counterparties’ and CCP’s to report to trade repositories. Since the entry into force of the RTS and ITS, ESMA has worked on ensuring their consistent application. The practical implementation of EMIR reporting showed some shortcomings and highlighted particular instances for improvements so that the EMIR reports better fulfil their objectives.

ESMA revised standards propose to clarify the interpretation of the data fields needed for the reporting to trade repositories and the most appropriate way of populating them.

ESMA will consider stakeholder’s feedback to the proposed revised standards by 13 February 2015.