This Consultation paper covers the technical standards on reporting requirements, procedures to reconcile and validate the data and access by the relevant authorities under EMIR REFIT. Additionally, ESMA proposes to revise certain aspects of reporting to the TRs in order to align the reporting requirements in the EU with the global guidance on harmonisation of OTC derivatives data elements reported to TRs, as developed by the CPMI and IOSCO working group for the harmonisation of key OTC derivatives data elements (Harmonisation Group).
In particular, the section 4 on reporting describes methods and arrangements that the counterparties should have in place in the case of mandatory allocation of responsibility for reporting and of the delegation as well as methods and arrangements to ensure the correct reporting. Furthermore, this section clarifies which data standards should be used in the reporting and explains how reporting of lifecycle events and reporting at position level should be performed. Section 4 discusses also the details of the derivatives that should be reported, including an analysis of the data elements recommended in the CPMI and IOSCO guidance. Finally, it includes considerations regarding the date of application of the revised technical standards and the treatment of derivatives that will be outstanding on that date.