Regulations & Requirements
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      2. EMIR (EU)
      3. Regulations & Requirements

      What are the important EMIR regulations?

      Reporting

      Rules and guidance on implementing EMIR provisions

      ESMA has developed detailed rules and guidance on reporting, registering, and accessing data.

      Legal entity identifier (LEI) codes should be used to identify counterparties which are legal entities. LEI can be issued by any of the Local Operating Units (LOU) of the global entity identifier system (GLEIS).

      When reporting, counterparties should take also into account the validation rules applied by TRs to ensure that reporting is performed according to the EMIR regime, including the specifications of the Technical Standards. Please see EMIR TRQ&A 20 for more details.

      • Validation rules (last updated 29 March. Updates applicable from 30 April 2021)

      When reporting under EMIR REFIT starting from 29 April 2024, counterparties and entities responsible for reporting should take also into account the Guidelines on reporting, the validation rules applied by TRs, the reconciliation tolerances as well as the ISO 20022 XML schemas to ensure that reporting is performed according to the EMIR REFIT regime, including the specifications of the Technical Standards on reporting and on the reconciliation and verification of data.

      Data Quality

      Key elements for the correct functioning of the reporting regime under EMIR and ensuring the quality of derivatives reporting are (i) the validation by TRs of the data submissions by the counterparties that are subject to the reporting obligation, (ii) the reconciliation of data between TRs and (iii) the response mechanisms.

      Accessing Data

      The direct and immediate access to derivatives data is essential to allow authorities to fulfil their responsibilities and mandates, whereas the adequate establishment of access levels for authorities ensures the confidentiality of the trade repository data.

      ESMA Links

      EMIR

      EMIR REFIT validation rules reconciliation tolerances and template for notifications of DQ issues

      Q&A on EMIR implementation
      Validation rules under revised EMIR standards
      Brexit Statement on issues affecting EMIR and SFTR reporting
      Final Report on Guidelines on transfer of data between trade repositories under EMIR and SFTR

       

       EMIR TR Registration

      The registration and the extension of registration are highly formalised processes through which ESMA is assessing the information provided by applicants as requested in the relevant technical standards on registration and extension of registration (see below under 'Relevant Regulatory Provisions and Technical Standards) and is deciding on their compliance with EMIR and SFTR requirements. To help firms in the preparation of their application files, ESMA issued a Guidance on registering TRs which we recommend that future applicants read before start preparing their application.

      To receive further information on the registration process, please contact the Markets and Data Reporting Department at TR-registration@esma.europa.eu.

      You can find below the list of ESMA registered TRs:

      • list of TRs registered in accordance with EMIR; 
      • ​​​​list of TRs registered in accordance with SFTR.

      Supervision

      Following the registration, ESMA  supervises the TRs in order to ensure that they comply on an on-going basis with all EMIR and/or SFTR regulatory requirements, thereby enabling regulators and supervisors to access the necessary information in order for them to fulfil their respective mandates.

      The risk-based framework is the pillar of ESMA's supervision for TRs. ESMA supervises the registered TRs through a combination of desk-based supervisory activities as well as investigations and on-site inspections.

      The desk-based activities comprise:

      • Monitoring of data submitted by TRs.
      • Analysis of complaints received by market participants.
      • Review of the notifications made by TRs of material changes to the conditions of registration or extension of registration.
      • Analysis of the periodic information that TRs submit to ESMA.

      In order to facilitate ESMA’s ongoing supervision of TRs on a consistent basis, TRs are requested to submit information to ESMA in accordance with the Guidelines on periodic information and notification of material changes to be submitted to ESMA by Trade Repositories. The Guidelines clarify the format and frequency of the different categories of information which ESMA expects to receive in its role as supervisor of TRs registered in accordance with EMIR and/or SFTR, and are supplemented by the following relevant templates to be used by TRs when submitting the information. These templates have been last updated on 6 December 2022 (v2):

      ESMA has the power to take appropriate enforcement action where it discovers a breach of the EMIR or SFTR Regulation. These actions can include, among others, the imposition of fines or the withdrawal of registration. See also EC delegated act on fines and penalties for TRs.

      For information on the current supervisory focus, please see the latest ESMA’s annual report and work programme or the ad-hoc reports ESMA has published on different specific supervisory topics. 

       

      Relevant Regulatory Standards and Technical Provisions