Since 2017, the EU trade repository (TR) landscape has undergone major changes as a consequence of multiple TR registration withdrawals as well as Brexit. This has required the European Securities and Markets Authority to formulate expectations and provide guidance to TRs and market participants with regards to portability-related issues which were not covered in the current guidelines on transfer of data between Trade Repositories.
The existing guidelines on transfer of data between TRs contribute to the establishment of a competitive TR environment, and to ensure that high quality data is available to authorities, including the aggregations carried out by TRs. They also establish a consistent and harmonized process to transfer records from one TR to another TR and support the continuity of reporting and reconciliation in all cases including the withdrawal of registration of a TR.
The consultation paper contains:
- Amendments by replacement of three Guidelines on data transfer under EMIR (European Market Infrastructure Regulation)
- Inclusions of nine new Guidelines which compile the additional clarifications based on the experience gathered and the on-going guidance provided by ESMA to TRs and market participants for maintaining and ensuring a high degree of data quality, access to historical data for regulatory authorities, and to foster a competitive TR environment; and
- The new SFTR (Securities Financing Transactions Regulation) guidelines, that build on the existing EMIR guidelines as well as on the proposed amendments to those.
ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Section 10, which provides an overview of the proposed additional guidelines under EMIR and the future SFTR Guidelines.
Following the end of the public consultation on the amendments to the guidelines on transfer of derivatives data between Trade Repositories and on the new Guidelines on transfer of SFT data between Trade Repositories, ESMA will assess the feedback provided with a view to publish the final Guidelines by the end of 2021.