This joint FCA/Bank of England Policy Statement (PS) sets out our final amendments to Technical Standards and new rules for Trade Repositories in relation to the derivatives reporting framework under UK EMIR. We also respond to feedback in CP21/31.
Why we are doing this
Our proposals aim to ensure a more globally consistent dataset, where appropriate, to enable authorities to better monitor for systemic and financial stability risk. They also aim to improve data quality, provide clarity to firms where required and streamline the registration process for Trade Repositories (TRs).
Who this affects
This PS will primarily affect:
- counterparties in scope of the reporting requirements under UK EMIR
- TRs registered, or recognised, under UK EMIR
- third party service providers who offer reporting services to counterparties subject to UK reporting under EMIR
It may also be of interest to trade associations, law firms and consultancy firms and be relevant to authorities in other G20 jurisdictions who are implementing, or considering, similar changes to their derivatives reporting regimes.
The requirements we set out in this PS will come into effect on 30 September 2024, except for certain amendments which relate to the format and details of applications for registration of TRs, which come into force immediately.
We and the Bank launched a joint consultation (CP21/31) on changes to reporting requirements, procedures for data quality and registration of TRs under UK EMIR.
We consulted on three key proposals:
- to amend the framework for reporting details of derivatives trades under UK EMIR to align the UK derivatives reporting framework with international guidance from the Committee on Payments and Market Infrastructures and International Organization of Securities Commissions (CPMI-IOSCO)
- to amend and streamline the registration process for TRs, and
- to require TRs to establish procedures and policies to ensure the effective reconciliation of data between TRs, verify the completeness and correctness of the data reported, and the orderly transfer of data between TRs
Supporting Technical Specification Documents
We are also publishing, alongside this PS, draft Validation Rules and XML schemas to support implementation of the amended Technical Standards and new rules. Visit our UK EMIR Reporting Obligation page for more details.