ESMA releases new EMIR and MiFIR Q&As
Hallelujah, it’s positively raining regulatory reporting Q&A!
Yesterday (8 July), ESMA published new Q&As for both EMIR and MiFIR data reporting. However, you can put away your brollies as there isn’t a great deal happening in either of them.
EMIR – amendment to TR Question 11(b)
The EMIR Q&A makes an amendment to TR Question 11(b) to clarify that counterparties should follow their local time and the relevant calendar of their member state to specify the “working day” in the context of determining the deadline for reporting under EMIR. Of course this does not alter the fact that all timestamps in the EMIR trade report fields should be expressed as Coordinated Universal Time (UTC).
MiFIR – two reporting scenarios added
The only addition in the MiFIR Q&A is the addition of two reporting scenarios where an investment firm executes a transaction through an execution algorithm provided by another firm (Transaction Reporting Question 13). We would note that it is essential to carefully read footnote 51 in the Q&A in order to fully understand the reporting scenarios.
If you have more questions than answers on EMIR trade reporting and MiFIR transaction reporting, our training courses can help you avoid some of the pitfalls of these complex regulatory reporting regimes. During the lockdown period, we are offering these courses remotely at a significantly reduced cost. For more details, please see our training pages.