UK EMIR reporting questions and answers

Guidance for reporting under the revised UK EMIR Article 9 reporting requirements.

On 24 February 2023, we published a joint Policy Statement (PS23/2) with the Bank confirming changes to the derivative reporting framework under UK EMIR.

The majority of the new requirements are applicable from 30 September 2024, with a transition period for some aspects.

You can read our guidance below on how the updated reporting framework will be implemented. This guidance is in the form of questions and answers (Q&As) grouped into topics. The Q&As are applicable from 30 September 2024 in line with the majority of the new requirements.

We’re also consulting on further Q&As covering other topics. We’d welcome your feedback on these Q&As by 12 June 2024. Following the conclusion of the consultation process, we’ll publish the finalised Q&As on this page.

Questions and answers (Q&As) 

Under Article 9 of UK EMIR, the Bank of England (the Bank) and the FCA (together, the Authorities) share responsibility for derivatives reporting. The Bank is responsible for central counterparties (CCPs) and the FCA is responsible for all other counterparties in addition to trade repositories (TRs). Any references to 'we', 'us' and 'our' in these Q&As should be read in this context.

The Q&As should be read in conjunction with the FCA/Bank of England Policy Statement (PS23/2) and the supporting documentation below (which are collectively referred to as the 'new requirements'):

These Q&As apply in relation to the new requirements applicable from 30 September 2024. Reporting counterparties should take a pragmatic approach in considering the application of these new Q&As alongside any existing guidance, including circumstances where the new Q&As may supersede them. In due course, and as part of the programme of repealing and replacing assimilated law, we intend to review existing guidance and consider where it remains relevant.

1. Transitional arrangements

The new requirements come into effect on 30 September 2024.

From 30 September 2024 all newly entered or modified derivative trades at both trade and position level will need to comply with the new requirements.

For derivative trades entered into before 30 September 2024, there will be a 6-month transition period for entities responsible for reporting to update those outstanding derivative reports to the new requirements. This ends on 31 March 2025.

This set of Q&As relates to the arrangements for transitioning to the updated derivative reporting framework under UK EMIR during the period from 30 September 2024 to 31 March 2025.

2. Reconciliations

This set of Q&As relates to processes for reconciling data between TRs. TRs are required to establish procedures and policies to ensure the effective reconciliation of data between TRs, and improve data quality under the FCA’s EMIRR.

Entities responsible for reporting are also required to have arrangements in place to ensure reconciliation breaks are resolved as soon as practicably possible (see Article 10 (3) of Technical Standards on the Standards, Formats, Frequency and Methods and Arrangements for Reporting 2023).

3. Errors and omissions

Article 3 of the Technical Standards on the Minimum Details of the Data to be Reported to Trade Repositories 2023 requires reports to TRs to be complete and accurate. This set of Q&As relates to the process for how counterparties should approach any errors and/or omissions with their UK EMIR reporting.

4. Derivative identifiers

Amendments to the UK EMIR reporting framework introduces new requirements for the use of Unique Product Identifiers (UPIs) and updated requirements relating to Unique Transaction Identifiers (UTIs) and Legal Entity Identifiers (LEIs). This set of Q&As gives further guidance on how these identifiers should be reported.

5. Actions and Events

The combination of Action Type and Event Type clarifies the reasons why a report is made (eg a new trade, an early termination, a modification due to a step-in event). The new requirements introduce a new action type, 'Revive', which can be used when re-opening a derivative at trade or position level. This set of Q&As provides further guidance on how action types and events should be reported consistently.