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EMIR REVISIONS | EMIR Level 3

20/07/2016

As some Licensed Users will already be aware, ESMA will publish new Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) in due course. The revised EMIR requirements described by these documents must be implemented within 9 months of their entry into force, although the exact date is unknown, Q2 2017 is a possible timescale for go-live of the revised EMIR reporting process. Substantial changes to the current EMIR reporting format and process are anticipated. EFETnet is working closely with the EMIR Trade Repositories connected through eRR to make sure that the eRR process is adapted to support ESMA’s new requirements. However, due to the substantial and far reaching nature of the anticipated changes Licensed Users of eRR for EMIR are very likely to need to launch projects themselves to amend their existing EMIR reporting process. The eRR work group will begin to look at the impact of the changes on the CpML data format used by eRR for EMIR reporting and on the process and lifecycle events defined under EMIR stating in Q3 2016. If you are a user of eRR for EMIR reporting you will be affected by the requirement in the forthcoming revised RTS and ITS and you are advised to participate in the upcoming meetings and webinars which will be announced shortly.