The European Securities and Markets Authority (ESMA) has updated its EMIR implementation timetable. ESMA now does not expect to make its decisions on the registration of the first trade repositories before 7 November 2013, rather than from 24 September as previously envisaged. ESMA has indicated that the delay is in part attributable to difficulties faced by applicant trade repositories in ensuring the completeness of their applications (amongst other factors). This means that ESMA does not expect that counterparties will start reporting to trade repositories before February 2014.