Updated ESMA EMIR Q&As for EMIR Refit

On 28 May 2020 ESMA has updated its Questions and Answers document on practical questions regarding data reporting issues, under the European Markets Infrastructure Regulation (EMIR).

ESMA has added Trade Repository (TR) Q&A 54 and provides clarifications on reporting of OTC derivatives by a financial counterparty (FC) on behalf of a non-financial counterparty below clearing threshold (NFC-) under EMIR Refit.

In particular, the TR Q&A 54 clarifies:

  • What are the reportable details that the NFC- should provide to the FC;
  • How the FC should proceed if the NFC- does not renew its LEI;
  • How the FC should proceed if an NFC that has been classified as an NFC+ changes its status to NFC- and fails to timely inform the FC of this fact;
  • How FC and NFC- should proceed if they report to two different trade repositories.