EMIRR 2.1 Verification of derivatives by trade repositories EMIRR 2.3 Reconciliation of data by trade repositories

In view of the upcoming requirements of financial, non-financial, and central counterparties as regards the reporting of derivative transactions to trade repositories (TRs) under the retained European Market Infrastructure Regulation (UK EMIR) and corresponding processing requirements of trade repositories, the Financial Conduct Authority (FCA) has now published a second set of new rules of its new EMIRR Sourcebook. The rules primarily affect trade repositories and include the following:
EMIRR 2.1 Verification of derivatives by trade repositories stipulating the data and information that TRs need to verify when receiving data from counterparties (e.g. complies with the ISO 20022 methodology; reporting counterparty has the authority to submit the data, completeness of the data; etc.); and
EMIRR 2.3 Reconciliation of data by trade repositories setting forth the steps that need to be taken by TRs to perform such reconciliation and the subsequent reporting process of the outcome of the reconciliation.