The European Securities and Markets Authority (ESMA) has published a letter from the European Commission. In order to enable ESMA to take account of international ongoing developments and to consider their implications fully, the Commission has revised the deadlines for ESMA to deliver certain technical advice on third-country equivalence under EMIR, the Regulation on OTC derivative transactions, central counterparties (CCPs) and trade repositories. ESMA’s advice on the US and Japanese regimes is now due on 1 September 2013, and its advice on other third-countries is due on 1 October 2013 (rather than the original date of 15 June 2013). The Commission highlights in its letter that the extension of this deadline affects neither the procedure not the timeline for recognition of third-country CCPs or trade repositories.
However, ESMA has updated its webpage on EMIR indicating that the first trade repositories are not likely to be registered before August 2013. Since the reporting start date for interest rate and credit derivatives under the EMIR regulatory technical standards (RTS) will be 90 days after the registration of one or more TRs for these asset classes, it is now probable that the commencement of trade reporting for these asset classes will not be before late October 2013, rather than 23 September 2013 (the date which currently appears on ESMA’s indicative EMIR timeline).
The reporting start date for all other asset classes remains 1 January 2012 (assuming that a trade repository is registered for those asset classes before 1 October 2013).