Updated EMIR validation rules
On 1st March 2018 ESMA has updated EMIR validation rules for the reports submitted under revised technical standards:
- Clarify how the identification of the product should be validated in the reports submitted on or after 3 January 2018. For the reports where the date in the field 1.1 ‘Reporting timestamp’ is 03-01-2018 or later and if the field 2.15 ‘Venue of execution’ is populated with: (i) a MIC that pertains to a trading venue in EEA country or with (ii) a code “XOFF”, the field 2.5 ‘Product identification type’ shall be populated with “I”, unless: the date populated in the field 2.27 ‘Maturity date’ is earlier than 03-01-2018, or the date in the field 2.25 ‘Execution timestamp’ is 02-01-2018 and the date in the field 1.1 Reporting timestamp is 03-01-2018, in which cases the field 2.5 ‘Product identification type’ can be populated with “I” or “A”. Otherwise, (i.e. if the field 2.15 is not populated with (i) a MIC that pertains to a trading venue in EEA country or with (ii) a code “XOFF”) the field 2.5 ‘Product identification type’ can be left blank.
- Allow for the reporting of exchange-traded derivatives in products for which the effective date may be earlier than the date of execution. The validation rule that the field 2.26 ‘Effective date’ should be greater than or equal to the value of the date part of the field 2.25 ‘Execution timestamp’ has been removed. There is currently only a requirement for a common input format: YYYY-MM-DD.
For more information please feel free to contact us at office@emirreporting.eu