ESMA issues a public statement for issues affecting EMIR and SFTR
On 10 November 2020 ESMA has issued a public statement on the issues affecting EMIR and SFTR reporting following the end of the UK transition period on 31 December 2020.
The public statement covers the following:
- Onboarding to TR;
- Reporting – UK counterparties are not expected to report to EU TRs any derivative concluded on 31 December 2020 and onwards;
- Reconciliation – from 1 January 2021, the derivatives where at least one of the counterparties is an UK-based entity, i.e. EU-UK; UK-EU, UK-UK should not be reconciled. Therefore, they should be also excluded from the inter-TR reconciliation process.
- TR recordkeeping;
- Counterparty recordkeeping;
- Data access;
- Portability of data from a UK-based TR to an EU TR;
- Portability of data to UK TRs;
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