Amended derivative reporting requirements under UK EMIR: Draft Q&As, second consultation

Amended UK EMIR reporting requirements go-live on 30 September 2024. We are seeking feedback alongside the Financial Conduct Authority on our draft Q&As

Why are we consulting?

The derivatives data reported under Article 9 of the UK European Market Infrastructure Regulation (UK EMIR) provides transparency to us and the Financial Conduct Authority (FCA) of the UK derivatives market for systemic risk and financial stability monitoring purposes. It is important the data to which we have access is complete, accurate, reported consistently and on time to ensure we can fulfil our financial stability objectives and to promote the safety and soundness of regulated firms.

We are consulting jointly with the FCA on guidance to support implementation of the amended UK EMIR reporting requirements that will go-live on 30 September 2024. The draft guidance is in the form of Questions and Answers (Q&As), grouped into relevant topics. 

Draft Q&As

The draft Q&As we are consulting on have been informed by discussions with trade associations, reporting counterparties, trade repositories (TRs) and central counterparties (CCPs) via the UK EMIR Reporting Industry Engagement Group. This group, co-chaired by us and the FCA, provides a forum for discussing UK EMIR reporting issues with industry to ensure consistent reporting.

In developing these Q&As, the Bank of England (the Bank) has considered its objective to protect and enhance the financial stability of the UK, its secondary objective to facilitate innovation in the provision of FMI services and other statutory obligations.

The Q&As are divided up into the following topics: 

1. Transitional Arrangements 
2. Reconciliations
3. Errors and Omissions
4. Derivative Identifiers
5. Action and Events
6. Venues
7. Exchange Traded Derivatives
8. Margin and Collateral
9. Clearing
10. Position Level Reporting
11. Asset Class and Product Specific 

Our first consultation, covering topics 1 to 5, was finalised on 2 May 2024, In this second consultation, we are covering topics 6 to 11, as well as any additional questions which have arisen under the earlier topics.

In certain circumstances, the draft Q&As also require a corresponding change to the UK EMIR Validation Rules (applicable from 30 September 2024). As a result, we are also consulting on those changes, and we indicate within the relevant Q&A where such a change is proposed.  We do not generally consult on Validation Rules. On this occasion however, and on an exceptional basis, we invite participants to provide any feedback. 

Next steps

We welcome feedback on the draft Q&As and the proposed changes to the UK EMIR Validation Rules (applicable from 30 September 2024) by 12 June 2024.  

CCPs should submit their feedback to emirreporting@bankofengland.co.uk 

  • All other reporting counterparties should submit their feedback to emirreporting@fca.org.uk
  • Other respondents may submit responses to either the FCA or the Bank. 
  • All feedback received will be shared between the Bank and FCA.

After considering responses, the final Q&As will be published on our respective websites later in summer 2024.

  • By responding to this consultation, you provide personal data to the Bank of England (Bank) and the Financial Conduct Authority (FCA). This may include your name, contact details (including, if provided, details of the organisation you work for), and opinions or details offered in the response itself. 

    The response will be assessed to inform our work as a regulator and central bank, both in the public interest and in the exercise of our official authority. We may use your details to contact you to clarify any aspects of your response. The consultation materials will explain if responses will be shared with other organisations. If this is the case, the other organisation will also review the responses and may also contact you to clarify aspects of your response. 

    We will retain all responses for the period that is relevant to supporting ongoing regulatory policy developments and reviews. However, all personal data will be redacted from the responses within five years of receipt. To find out more about how we deal with your personal data, your rights or to get in touch please visit bankofengland.co.uk/legal/privacy. 

    Information provided in response to this consultation, including personal information, may be subject to publication or disclosure to other parties in accordance with access to information regimes including under the Freedom of Information Act 2000 or data protection legislation, or as otherwise required by law or in discharge of the Bank’s functions. Please indicate if you regard all, or some of, the information you provide as confidential. If the Bank receives a request for disclosure of this information, we will take your indication(s) into account, but cannot give an assurance that confidentiality can be maintained in all circumstances. An automatic confidentiality disclaimer generated by your IT system on emails will not, of itself, be regarded as binding on the Bank. 

    This is a joint consultation by the FCA and the Bank. Although the FCA and Bank have considered the draft guidance independently of one another and in accordance with their statutory objectives, we have decided to consult jointly to avoid unnecessary duplication. Responses will be shared between authorities where relevant. 

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This page was last updated 03 May 2024