In its response to ESMA‘s consultation paper on draft technical standards (TS) for the Regulation on OTC Derivatives, Central Counterparties (CCPs) and Trade Repositories (EMIR), EBF has highlighted the following issues:
- implementation of the clearing and transaction reporting obligations should be phased in so as to allow contracts and software to adapt to the new standards;
- ESMA should not exceed the legal basis provided for in the Level 1 Regulation on indirect clearing agreements and on reporting of collateral amount and market value; and
- rather than adopting costly interim solutions for identifying contracts and counterparties, ESMA should wait until the global adoption of the LEI and the Unique Product Identifier (UPI).
(Source: EBF Response to ESMA on EMIR TS)