ESMA extends EMIR Refit consultation period 12 June 2020Paris Reporter: Natalie Turner
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Due to the COVID-19 disruption, the European Securities and Markets Authority (ESMA), has extended the deadline date for responses in its consultation on the technical standards on reporting, data quality, data access and registration of trade repositories under the European Market Infrastructure Regulation (EMIR) Refit to 3 July.
The deadline has now been pushed back from 19 June to 3 July in recognition of market participants鈥� current focus on crisis work and their operational constraints, as well as taking into account the high number and the technical complexity of issues on which feedback is requested, ESMA says.
The consultation relates to one of the final phases of EMIR Refit for data management by TRs and their clients which is set to come into effect on 16 June 2021, alongside the new fair, reasonable, non-discriminatory and transparent .
The EU market watchdog is seeking responses from all market participants but in particular, from financial and non-financial counterparties of derivatives, central counterparties and trade repositories (TR), as well as from all the authorities having access to the TR data.
ESMA will consider the feedback it received to this consultation in Q3 and expects to publish the final report and submit the draft technical standards to the European Commission for endorsement in Q4.
The authority has confirmed to SLT that this timeline is not expected to be affected by the consultation deadline push back.
EMIR Refit made significant changes to several parts of EMIR last June, including changes to the clearing threshold and the availability of an exemption from reporting of trades between non-financial internal entities.
The next phase of EMIR Refit comes into effect on 18 June and will see financial counterparts (FC) becoming legally liable for their own reporting of over-the-counter derivatives contracts for themselves and their non-financial counterpart (NFC) clients.
Elsewhere, the International Swaps and Derivatives Association (ISDA) and other trade associations recently wrote a letter to ESMA, asking that national competent authorities show flexibility in terms of FCs and non-opted out NFC (minus) meeting the deadline and that it be extended for a period up to 21 November.
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