ESMA EMIR Refit Reporting
6 September 2023
Level of significance of change
ESMA has published an updated version of the ‘Validation rules, reconciliation tolerances and template for notification of errors and omissions in reporting’ document for reporting under EMIR Refit.
The changes can be found in red text under the ’Validations_General information’, ‘Validations_Cpty_derivative’ and ‘Validations_Margins’ tabs on the excel spreadsheet. In addition, a new tab called ‘Non-Field-specific_Error_Codes´ has been added to the document which details the error codes in relation to XML technical and Submitting entity authorisation issues.
How does this change my reporting?
These validation rules will be applicable from 29 April 2024 when EU EMIR Refit commences.
What do I need to do?
Preparation is required to understand the scope of change and implementation for EU EMIR Refit reporting. If you are not able to source all your data, you will need to start developing plans for how you will be able to populate the mandatory data. If you are using a service provider, you are advised to reach out to them to resolve any uncertainty.