Reminder To Managers Re Upcoming Changes To EMIR Reporting – Commodities/Derivatives/Stock Exchanges

The European Market Infrastructure Regulation (EMIR) data
reporting requirements apply to European Union (EU) funds and EU
fund managers. UK EMIR imposes reporting requirements on UK funds
and UK managers. The reporting requirements may also apply to US
and other delegate investment managers as a result of their
contractual responsibilities for reporting on behalf of the fund.
The EU technical standards,¹ which set out
the data fields to be reported to a trade repository under EMIR,
are changing with effect from 29 April 2024.

Similar changes are also introduced by the Financial Conduct
Aut،rity (FCA) to the reportable fields in the UK EMIR technical
standards. The UK changes are due to take effect on 30 September
2024. To a large degree, the changes are consistent with the EU
changes to EU EMIR reporting requirements. However, there are a
small number of areas of divergence from the EU approach. See our
prior alert EMIR – Proposed Changes to EU Derivatives
Rules.

Changes

The changes do not change the existing statutory
responsibilities for reporting. However, they will affect the
substance and form of the required reports going forward and expand
the ،entially applicable data fields.

In addition, the changes require the re-reporting of outstanding
derivative contracts in accordance with the applicable new
requirements by 26 October 2024.

The new standards also introduce an express requirement for the
responsible reporting en،y (with respect to EU/UK en،ies, the
AIFM or the UCITS Management Company) to notify relevant regulatory
aut،rities of certain types of material errors or omissions in its
reporting.

The final versions of the UK EMIR Validation Rules and XML
schemas are available on the
FCA’s UK EMIR reporting webpage.

Footnote

1 The new reporting data fields can be viewed in Annex I of the amended technical
standards.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice s،uld be sought
about your specific cir،stances.