Circulaire CSSF 23/846

This circular serves to notify financial and non-financial counterparties to derivatives falling under Articles 2(8) and 2(9) of EMIR, where the CSSF acts as the competent authority as per Article 1(2) of the EMIR Law, that the CSSF applies the ESMA Guidelines on reporting under EMIR (ESMA74-362-2281), published on 23 October 2023.
The CSSF, in its capacity as the competent authority, therefore officially adopts and incorporates the ESMA Guidelines into its administrative practices and regulatory approach. This integration aligns with the CSSF’s objective to promote supervisory convergence on reporting matters at the European level. The effective date of application for these Guidelines is 29 April 2024, coinciding with the entry into force of the EMIR Refit Reporting Technical Standards.
The Guidelines issued by ESMA, pursuant to Article 16(1) of ESMA’s regulation, specifically aim to the implementation of reporting obligations under EMIR as outlined in Article 9, along with the obligations of TRs under Articles 78 and 81 of EMIR.
The overarching objectives of these ESMA Guidelines are centered on enhancing harmonization and standardization in EMIR reporting. This harmonization is crucial for ensuring the high quality of data essential for effectively monitoring systemic risk. Additionally, it contributes to cost containment across the reporting chain, involving reporting counterparties, TRs responsible for verifying data completeness and accuracy, and authorities under Article 81(3) of EMIR that utilize data for supervisory and regulatory purposes.
The ESMA Guidelines, annexed to the circular, address various aspects of reporting under EMIR, including the transition to reporting under new rules, determination of reportable derivatives, exemption from intragroup derivatives reporting, delegation of reporting responsibilities, reporting logic and population of reporting fields, reporting diverse types of derivatives, ensuring data quality by counterparties and TRs, construction of the Trade State Report, and reconciliation of derivatives by TRs, and data access.
To ensure compliance, entities within the scope are required to adhere to these Guidelines. The circular emphasizes the significance of the Guidelines in achieving a standardized and harmonized approach to EMIR reporting, promoting data quality, and facilitating efficient regulatory oversight. The Guidelines, as crucial reference documents, are attached to this circular and are also accessible on ESMA’s official website.