Changes to UK EMIR reporting requirements: draft questions and answers

Consultation opened
Consultation closed

We’re seeking feedback alongside the Bank of England (the Bank) on our draft guidance for reporting under the revised UK EMIR Article 9 reporting requirements.

Why we're consulting 

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.

As part of the original consultation process, we received requests for supporting guidance on how the updated UK derivatives reporting framework will be implemented.

In response, we’re providing guidance to support the implementation of the updated UK EMIR reporting requirements that go live on 30 September 2024. This guidance is in the form of questions and answers (Q&As) grouped into topics. Before we finalise these Q&As, we’re consulting on them jointly with the Bank to get feedback from industry.

Who this is for

These Q&As will primarily be relevant for: 

  • counterparties in scope of the reporting requirements under UK EMIR 
  • trade repositories (TRs) registered, or recognised, under UK EMIR 
  • third party services providers who offer reporting services to counterparties subject to reporting under UK EMIR 
  • trade associations, law firms and consultancy firms who work with counterparties subject to reporting under UK EMIR

Draft Q&As 

The Q&As we’re consulting on have already been informed by discussions with trade associations, reporting counterparties, TRs and central counterparties (CCPs) via the UK EMIR Reporting Industry Engagement Group. The group, co-chaired by us and the Bank, provides a forum for discussing derivatives reporting issues with industry to help ensure consistent reporting. 

The Q&As will be divided up into the following topics. In the first consultation, we covered topics 1 to 5:  

  1. Transitional Arrangements  
  2. Reconciliations 
  3. Errors and Omissions 
  4. Derivative Identifiers 
  5. Action and Events 
  6. Venues 
  7. Exchange Traded Derivatives 
  8. Margin and Collateral 
  9. Clearing 
  10. Post Trade Risk Reduction  
  11. Position Level Reporting 
  12. Asset Class and Product Specific  

UK EMIR Validation Rules (applicable from 30 September 2024)

In certain circumstances, the draft Q&As also require a corresponding change to the UK EMIR Validation Rules (applicable from 30 September 2024) to address industry feedback and correct identified errors. 

As a result, we’re also consulting on those changes, and we indicate within the relevant Q&A where a such a change is proposed.

We don’t generally consult on Validation Rules. But on this occasion, and on an exceptional basis, we invite participants to provide feedback.

Next steps

The first consultation has now closed.

We'll publish the finalised Q&As for topics 1 to 5 once we've reviewed your feedback.

We’ll be consulting on topics 6 to 12 later in spring 2024.

Draft UK EMIR reporting Q&As (applicable from 30 September 2024): part 1


Under Article 9 of UK EMIR, the Bank and the FCA (together, the Authorities) share responsibilities for the derivatives reporting obligation. The Bank is responsible for the framework for derivatives reporting as it applies to CCPs. The FCA is responsible for the reporting framework for all other counterparties.

The FCA is also responsible for requirements relating to TRs.

Any subsequent references to ‘we, ‘us’ and ‘our’ in these Q&As should be read in this context and based on this split of responsibilities. 

The draft 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 are in draft and should be treated as indicative only and may be subject to change. They should not be read as final or indicating that any final decision has been made. These Q&As will be finalised in spring 2024, following the conclusion of this consultation process. 

1. Transitional arrangements

The new requirements come into effect on 30 September 2024.

From 30 September 2024 all newly entered or modified derivative trades 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.