New technical standards published in the EU Official Journal on 21 January 2017 (the text of Delegated Regulation the text of the implementing Regulation
) amend the existing regulations which govern the reporting of trades in derivatives under Regulation (EU) No 648/2012 of the European Parliament and of the Counil of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR).
The amendments to the regulations have been implemented mainly in order to improve the quality of reported data and to transpose the ESMA guidelines previously defined in the Q&A into EMIR.
The scope of the modifications includes the clarification of existing field definitions and reporting methods as well as the addition of new fields and values
which reflect the market practice or the regulators’ requirements.
The key modifications introduced in the published regulations from the perspective of KDPW Trade Repository participants include:
- delay of the cut-off date of trade reporting in backloading to 12 February 2019;
- introduction as of 1 November 2017 of the following:
- the obligation to use valid LEIs as entity identifiers; as of that date, according to the new regulations, trades cannot be reported on behalf of an entity unless it holds a valid LEI, which implies that such reports will be rejected by the trade repository;
- modifications of the scope and content of data reported to the trade repository.
All entities subject to the derivatives reporting obligation which do not hold an LEI are encouraged to use KDPW’s LEI issuance service (https://lei.kdpw.pl/
). In December 2016, KDPW was accredited as an LEI issuer by the Global Legal Entity Identifier Foundation (GLEIF), which is responsible for the operation of the Global LEI System.