New EMIR RTS Trade Reporting Rules Come In Force November 2017 in UK & Europe

The revised Regulatory Technical Standards (“RTS”) and Implementing Technical Standards (“ITS”) amending EMIR apply from 1st November 2017.  EMIR reports under the revised standards will need to be submitted to trade repositories (“TRs”) earlier than this to allow for a weekend rollout of new reporting systems.

Trade Repository RTS Rollout Date

TRs have finalised their rollout dates confirming when they will begin accepting live EMIR reports under the revised RTS validation. With the weekend of the 28th/29th October 2017 having been selected in most cases, EMIR reports will need to be submitted in line with the revised RTS from Monday, 30th October 2017.

Finalising Additional Data Requirements

By now, firms should have the means to classify their instruments using ISO 10962 CFI Codes and identify the country of their counterparties using the ISO 3166 2 letter country code.  Any codes that are missing must be obtained or composed in the next week and readily available for population into EMIR reports.

Final Testing & Validation

There is still a week to go, so there is still some time for firms to make any requisite final adjustments to their EMIR reporting formats so they meet the revised validation.

View our article on the changes being effected through the revised EMIR RTS for more in-depth information on the changes.

If you would like to discuss the above or learn how you can be prepared, get in touch with TRAction Fintech.