Updated EMIR validation rules table
On 9th August ESMA has updated EMIR validation rules table with regards to the revised technical standards on reporting under Article 9 of EMIR.
The amendments will be applicable from 5th November 2018.
ESMA updated its validation rules for the submitted reports for the following fields:
- Reporting Timestamp
The reporting timestamp should be equal or earlier than the timestamp of the receipt of the report by the TR (trade repository). The date part of the timestamp cannot be earlier than the day preceding the date of the receipt of the report by the TR. The receipt of the report should be understood as the moment the report enters a TR’s system. - Reporting Counterparty ID
For action types “N”, “M”, “C”, “R”, “Z”, “V” and “P”: This field shall contain a valid LEI included in the GLEIF database maintained by the Central Operating Unit.
The status of the LEI for all the above action types shall be “Issued”, “Pending transfer” or “Pending archival” and in addition for action type “C”: the status of the LEI could also be “Lapsed” and “Retired”.
For action type “E”: This field shall contain an LEI included in the GLEIF database maintained by the Central Operating Unit, irrespective of the registration status of that LEI. - ID of the Other Counterparty
If field 1.3 “Type of ID of the other Counterparty” is populated with “LEI”, this field shall be populated with a valid LEI included in the GLEIF database maintained by the Central Operating Unit. For action types “N”, “M”, “C”, “R”, “Z”, “V” and “P”: The status of the LEI shall be “Issued”, “Lapsed”, “Pending transfer” or “Pending archival” and in addition for action type “C” the status of the LEI could also be “Retired”.
For action type “E”: This field shall contain an LEI included in the GLEIF database maintained by the Central Operating Unit, irrespective of the registration status of that LEI.
If field 1.3 “Type of ID of the other Counterparty” is populated with “CLC”, this field shall contain up to 50 alphanumerical digits where any character is allowed. - Confirmation means
If field 2.15 “Venue of execution” is populated with a MIC code other than “XXXX” or “XOFF” and field 2.35 “Cleared” is populated with “N”, this field shall be populated with “N”. - Underlying Identification
If field 2.2 “Asset class” is populated with “EQ”, this field shall be populated.
If field 2.2 “Asset class” is populated with “CR”, one of the fields 2.7 “Underlying identification type” or 2.84 “Reference entity” shall be populated.
If field 2.2 “Asset class” is populated with “IR”, at least one of the following fields shall be populated: 2.7 “Underlying Identification”, 2.39 “Fixed rate of leg 1”, 2.55.” Floating rate of leg 1”
If field 2.2 “Asset class” is populated with “CO” or “CU”, this field can be left blank.
When populated, this field shall contain one of the following values: “I”, “A”, “U”, “B”, “X”. “NA” is accepted, when the actual value is not available. Up to 2 alphabetical characters.
For more information please feel free to contact us at office@emirreporting.eu.