New RTS and ITS for EMIR published

24.01.2017

On 21 January 2017, the revised Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) for EMIR were published in the official journal of the European Union. Both the RTS and the ITS will apply as from 1 November 2017 with the exception of Article 1(5), which shall apply from the date of entry into force (i.e. on the twentieth day following that of its publication – 10 February 2017). Links to these two documents are provided below:

EMIR trade reporting will go through significant changes. The introduction of revised Technical Standards includes new fields, changes to position reporting, collateral reporting and asset class specific fields.

In order to define into what extent you will be impacted by the new RTS, REGIS-TR has summarised the main changes on Revised Technical Standards below.

Revised EMIR RTS and ITS
  • Applicable Technical Standards (RTS and ITS)  drafted in 2012
  • Detection of deficiencies and limitations after application dates
  • Guidance provided in Q&A to address deficiencies
  • Revised RTS will move non-binding Q&A guidance into binding technical standards and include additional changes
  • Amended RTS on the minimum data to be reported to Trade Repositories: amendments related to the reporting cleared trades, the reporting of a combination of derivative contracts, a common methodology for the valuation of derivative contracts, and the clarification of the reporting of exposures and collateral exchanged for credit derivatives
  • Amended ITS on the format and the frequency of data to be reported to Trade Repositories: amendments concern the mandatory use LEIs, specific rules for the reporting of swaps and collateral exchanged, update of the identification of derivatives to comply with FSB Aggregation of OTC Derivatives Trade Repository Data, the addition of swaptions and spread bets to the list of reported derivatives, criteria for the generation of UTIs, the extension of the reporting period of terminated trades to 5 years and the clarification of data standards and formats more generally
  • Introduction of new data fields and refined definition of existing ones; provision of clarifications on formats