On November 10, 2014, the European Securities and Markets Authority  (“ESMA”) published a consultation paper on its review of the technical standards on reporting obligations under the European Market Infrastructure Regulation (“EMIR”). The technical standards are: (i) RTS on the minimum details of the  data to be reported to trade repositories; and (ii) implementing technical standards on the format and frequency of trade reports to trade repositories. ESMA explains that the technical standards were developed before any real practical experience could be used to formulate the requirements and therefore the update is needed to clarify some issues and ensure a more consistent and harmonized approach across the EU. ESMA is proposing to amend the above standards to reflect the clarifications which have been set out in its EMIR Q&As as well as other practical insight gained since the secondary legislation came into effect by: (i) clarifying data fields and their descriptions; (ii) adapting existing fields to the reporting logic prescribed in the Q&As or to reflect specific ways of populating those fields; and (iii) introducing new fields and values to reflect market practice or regulatory requirements. The consultation closes on February 13, 2015. ESMA will use the feedback to prepare final draft amending standards for submission to the European Commission.

The consultation paper is available at:

http://www.esma.europa.eu/news/ESMA-consults-revised-EMIR-standards-reporting-trade-repositories?t=326&o=home.