1: Overview
Under Article 9 of UK EMIR, the Bank of England (the Bank) and the Financial Conduct Authority (FCA) (together, ‘the Authorities’) share supervisory responsibilities for the derivatives reporting obligation. The Bank is responsible for the framework for derivatives reporting as it applies to central counterparties (CCPs). The FCA is responsible for the reporting framework for all other counterparties. Any subsequent references to ‘we, ‘us’ and ‘our’ in this consultation paper (CP) should be read in this context and based on this split of responsibilities.
Following the completion of the implementation of UK EMIR Refit in March 2025, in the light of feedback from industry, we are consulting on making minor changes to the UK EMIR reporting regime to make it work more smoothly.
This CP sets out the joint proposals by the Authorities to amend our respective Standards Instruments (the ‘Technical Standards’):
- The Technical Standards (EMIR Reporting and Data Quality and Miscellaneous Amendments) Instrument 2023 (Bank)
- EMIR Technical Standards on the Minimum Details of the Data to be Reported to Trade Repositories 2023 and EMIR Technical Standards on the Standards, Formats, Frequency and Methods and Arrangements for Reporting 2023 (FCA)
1.1: Background
In 2021, the Authorities consulted on Changes to reporting requirements, procedures for data quality and registration of Trade Repositories under UK EMIR (the ‘2021 Consultation’). As part of the feedback to that consultation, respondents highlighted the benefits of introducing a new reportable field to permit the reporting of an ‘Execution agent’ where counterparties choose to make use of one.
As summarised in paragraph 1.36 of our Policy Statement, we recognised these benefits, and included the new field in the final rules:
- Technical Standards on the Minimum Details of the Data to be Reported to Trade Repositories – Table 1 (Field 21; page 13)
- Technical Standards on the Standards, Formats, Frequency and Methods and Arrangements for Reporting – Table 1 (Field 21; page 69)
The ‘Execution agent’ field is an optional field which applies only to a certain segment of firms, for example investment managers who delegate reporting through a broker and use an Execution agent to execute the trades on their behalf.
Immediately prior to the implementation of UK EMIR Refit in September 2024, industry testing identified that the field should also have been included in Table 3 of the Annexes of the Technical Standards. As a result, reporters adopted interim solutions and workarounds to enable relevant parties to have sight of submissions. To address this oversight and simplify reporting processes, we propose adding the ‘Execution agent’ field to Table 3 of the Annexes of the Technical Standards and to make the consequential changes to the UK EMIR XML reporting schemas and UK EMIR Validation Rules. As with the pre-existing Execution agent field, this new field will not need to be completed where such an Execution agent is not used.
We are also taking this opportunity to correct a cross-referencing error regarding the Unique Transaction Identifier in Article 8(5) Annex B (Technical Standards on the Standards, Formats, Frequency and Methods and Arrangements for Reporting) of the Technical Standards.
1.2: Summary of proposals
This consultation addresses two amendments:
- Proposal 1: The addition of ‘Execution agent’ as a new field, Field 30, in Table 3 of the Annex of each reporting Technical Standards, and the consequential cross-referencing changes in the Technical Standards.
- Proposal 2: The amendment of Article 8 (‘Unique Transaction Identifiers’) of Annex B (Technical Standards on the Standards, Formats, Frequency and Methods and Arrangements for Reporting) of the Technical Standards to correct a cross-referencing error.
Subject to consultation feedback, we plan to implement the amendments on 1 December 2025.
1.3: Who this applies to
The proposals in this CP will apply to:
- counterparties in scope of the reporting requirements under UK EMIR;
- Trade Repositories (TRs) registered, or recognised, under UK EMIR; and
- third-party service providers who offer reporting services to counterparties subject to UK reporting under UK EMIR.
Our proposals may also be of interest to trade associations, law firms and consultancy firms.
1.4: Implementation
The Bank is proposing to amend the Bank Standards Instrument: The Technical Standards (EMIR Reporting and Data Quality and Miscellaneous Amendments) Instrument 2023 using the Bank’s powers under Article 9 of UK EMIR and under section 138P of the Financial Services and Markets Act 2000 (FSMA).
The proposed changes will be implemented using a single standards instrument (proposed Technical Standards). The draft Technical Standards can be found in the Appendix.
1.5: Feedback and next steps
We welcome feedback on the questions set out below, which are based on the proposals in this consultation, by 30 June 2025.
- CCPs should submit their feedback to emirreporting@bankofengland.co.uk.
- All other reporting counterparties and TRs should submit their feedback to cp25-16@fca.org.uk. Please also refer to the FCA’s CP25/16.
- Other respondents may submit responses to either the FCA or the Bank.
All responses to this consultation received will be shared between the Authorities. Information on how we use your personal data can be found in the privacy statement at the bottom of this page.
Following consideration of responses, we will submit the amended technical standards to HM Treasury for approval, in accordance with section 138R of FSMA. Subject to approval by HM Treasury, we intend to publish the final Technical Standards on our respective websites on 1 August 2025.
1.6: Questions
- Do you agree with the proposed addition of Field 30 (Execution agent) to Table 3 of the Annex of each reporting Technical Standards? If not, please provide your rationale.
- Do you agree with the implementation date of 1 December 2025?
- Do you have any other comments on the proposals set out in this CP?
2: Proposals
2.1: Purpose
The Authorities work continuously to review and improve derivatives reporting standards, aiming to ensure consistency in reporting and overall data quality.
Following the completion of the implementation of UK EMIR Refit in March 2025, in the light of feedback from industry, we are consulting on two amendments to the Technical Standards to provide greater clarity to the requirements, and to minimise workarounds for reporting entities.
2.2: Amendments to the Technical Standards
Proposal 1: The addition of ‘Execution agent’ as a new field, Field 30, in Table 3 of the Annex of each reporting Technical Standards and the consequential cross-referencing changes in the Technical Standards
The proposed amendment will also be reflected in other technical documentation to ensure consistency. Specifically, as set out in the draft Validation Rules (applicable from 1 December 2025) and draft XML reporting schemas: Incoming messages to TRs and Outgoing messages from TRs (applicable from 1 December 2025). We do not generally consult on Validation Rules. On this occasion however, and on an exceptional basis, we invite participants to provide any feedback.
This is to correct the oversight where the Execution agent field was added to the trade reporting requirements, but not the margin reporting requirements.
Proposal 2: Amendment of article 8 (5) (Unique Transaction Identifier) of Annex B (Technical Standards on the Standards, Formats, Frequency and Methods and Arrangements for Reporting) of the Technical Standards to correct a cross-referencing error
This is set out on page 4 of the draft Technical Standards in the Appendix.
2.3: Timing
The proposed addition of the Execution agent field will require changes to firms’ reporting systems. However, it is a minor change to the reporting schema that will not impose a significant cost to implement. Additionally, firms that use Execution agents are already collecting the data needed to report the information in the trade reporting files.
Consistent with the cadence of changes to the reporting regime the Authorities have previously discussed with industry, we propose an effective date of 1 December 2025 for these amendments. We note this aligns with the change arising from PS24/14: Improving transparency for bond and derivatives markets, facilitating a co-ordinated systems release.
3: The Bank’s statutory obligations
The Bank proposes to exercise its power under section 138P of FSMA, to make technical standards in accordance with Article 9 of UK EMIR.
The Bank may make a standards instrument if it has been approved by HM Treasury. Before submitting a standards instrument to HM Treasury for approval, the Bank is required to publish a draft of the proposed Technical Standards accompanied by:
- an explanation of the Bank’s reasons for believing that making the proposed Technical Standards is compatible with the Bank’s objectives and ‘have regards’; and
- a cost benefit analysis (CBA)
The Bank must also consult with both the FCA and the Prudential Regulation Authority pursuant to section 138P(4) of FSMA ahead of making the standards instrument.
3.1: Compatibility with the Bank’s objectives
In proposing these amendments, the Bank has considered its objective to protect and enhance the financial stability of the UK, its secondary objective to facilitate innovation and other statutory obligations.
As set out in the 2021 consultation, improvements in the data quality of reporting of the UK derivatives market contribute to the protection and enhancement of financial stability by making it easier for the Bank to identify emerging potential risks. The proposed changes support this by making it easier for reporting entities to submit accurate information and providing greater clarity on the regime.
The Bank considers that the proposals are compatible with the Bank’s secondary objective to facilitate innovation in the provision of FMI services by enhancing the clarity of the reporting regime.
3.2: ‘Have regards’ analysis
When making policy for CCPs, the Bank must ‘have regard’ to certain public policy considerations set out in the Bank of England Act 1998.footnote [1] The Bank has had regard to these considerations, and the following have regards are the ones it considers significant to the proposed rules. Where analysis has not been provided against a have regard, it is because the Bank considers that have regard to not be a significant factor for the proposals in this CP.
The principle that the Bank should exercise its FMI functions as transparently as possible
Correcting a previous cross-referencing error provides greater clarity to market participants (including CCPs) of the intended functioning of the derivatives regulatory reporting regime.
The principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction
The addition of the Execution agent reporting field in Table 3 will remove the need for a work around by reporting entities, thereby reducing the overall burden of reporting.
3.3: Cost benefit analysis
As set out in The Bank of England's approach to cost benefit analysis (statement of policy), there are a limited number of circumstances where we are not legally required to undertake a CBA, in line with the exemption provided for in FSMA, section 138L. These include where a change is considered to have no increase in costs or there will be an increase in cost, but that increase will be of minimal significance.
In addition, the correction to the cross-reference to paragraphs in Article 8 would be considered an ‘inadvertent error’, as stated in the statement of policy and the Bank may not undertake a CBA to include corrections to inadvertent errors in rules.
As the addition of the Execution agent reporting field in Table 3 of the Annexes of the Technical Standards will only have minimal cost to implement and, thereafter, reduce ongoing costs by removing the need for a work around by reporting entities, we therefore have not undertaken a formal cost benefit analysis.
3.4: Equality and diversity
In developing its proposals, the Bank has had due regard to the equality objectives under section 149 of the Equality Act 2010. The Bank considers that the proposals do not give rise to equality and diversity implications.
4: Appendix
Draft Technical Standards
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This is a joint consultation by the Bank and the FCA. Although the Bank and FCA 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.
Sections 30D, 30E, 30I of the Bank of England Act 1998.