[ESMA70-1861941480-52 ] Q&A on EMIR implementation

The European Securities and Markets Authority (ESMA) has published an updated version of its Questions and Answers (Q&As) on the implementation of the Regulation (EU) No 648/2012 (EMIR) on OTC derivatives (OTC), central counterparties (CCPs), and trade repositories (TRs) with one amended and one new Q&As which can respectively be found under Part 4 „TR questions“ and Part 6 „ETD Reporting questions“ of the document:
TR questions
(1) Amended Question 9 (e) (p. 88) which clarifies the reporting to TRs: Table of fields states that the Trade ID is key for EMIR reporting while the Report Tracking Number is assigned to the execution and common among a group of related reports. Counterparties should be reported in both relevant fields except for brokers who act as the counterparty, who only need to report as a counterparty and not as the broker in the relevant field.
(2) New Question 59 (p. 134) which clarifies the inclusion of derivatives in the Trade State Report (TSR): (a) Derivatives that mature on a given day should be included in the TSR for that day, but terminated or cancelled derivatives with action types ‘E’, ‘C’, ‘P’ or ‘Z’ should not be included. (b) It is not possible to change the status of a derivative from non-outstanding to outstanding by modifying the maturity or termination date, and any corrections to the maturity or termination date should be made within a certain timeframe.
ETD Reporting questions
(3) Modified Question 2 (p. 139) clarifies that all counterparties involved in a derivative transaction, including CCPs, clearing members, and MiFID investment firms, have an EMIR reporting obligation in order to identify risk positions. Parties that take on the risk from the derivative transaction must report the trade, even if they are in a „back to back“ situation between two other parties.