Updated EMIR Q&As
On 4th Feb 2019 ESMA has issued an update of its Q&A on practical questions regarding EMIR.
The amendments to the existing TR Q&A 34 on Contracts with no maturity date confirms that counterparties may report a derivative with Action Type “P” if the derivative is included in a position on the same day that it is reported.
The amendments to the existing TR Q&A 38 further clarifies when reports should be submitted with Action Type “N” and when with Action Type “P” in relation to reporting derivatives that are terminated before the reporting deadline.
A new TR Q&A 50 which clarifies the approach counterparties should take for reporting the field “Confirmation Means”. Following the amendment of the EMIR Reporting Validation Rules on 9 August 2018, scenarios may be reported where a derivative is traded on a trading venue then confirmed on a different platform or not confirmed.
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