On 8 August 2013, ESMA published its final report to the EU Commission proposing that the start date for reporting exchange traded derivatives to trade repositories be postponed by one year to January 2015. ESMA proposes to amend Article 5 of the Commission's Implementing Regulation (1247/2012), which sets out the implementing technical standards (ITS) on the format and frequency of reporting to trade repositories under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR). The ITS were published in the Official Journal of the EU on 21 December 2012 (as detailed in the December Front page.
The current reporting start dates set out in Article 5 do not distinguish the methods of trading exchange traded derivatives as against those traded over-the-counter (OTC). ESMA believes that specification of exchange traded derivatives is essential to achieving harmonised reporting. The delay is intended to allow ESMA time to develop guidelines and recommendations to ensure that reporting is consistent and capable of being efficiently used, and will allow time for their implementation by counterparties, trade repositories and regulators. ESMA's proposals follow "a significant number of requests" from various stakeholders for guidelines and recommendations and the time to implement them. ESMA intends to consult on the actual reporting scenarios and guidance to be issued.
The EU Commission has three months in which to decide whether to endorse ESMA's draft implementing technical standards. Because of the urgency of this issue ESMA has requested the EU Commission to consider the matter as quickly as possible, "so that it will still be feasible to change the reporting start date ahead of the winter break".
ESMA has added a number of new items to its Q&As on the implementation of EMIR. These can be identified by the date of 5 August 2013, which appears beside each new Q&A and in the table of questions at the beginning of the Q&A.