In February 2023, UK’s Financial Conduct Authority (FCA) and the Bank of England announced changes to the derivative reporting framework under the UK European Market Infrastructure Regulation (UK EMIR). Now, the two organisations are jointly seeking feedback on a draft of the guidance they will be releasing to support market players in understanding the implementation of the updated reporting framework.
Formatted as questions and answers (Q&As), the draft guidance is grouped into 12 relevant topics that were identified following discussions with trade associations, reporting counterparties, trade repositories, and CCPs. The first round of consultations will cover the first five topics: transitional arrangements; reconciliations; errors and omissions; derivative identifiers; action and events.
The amended UK EMIR reporting requirements are expected to apply from 30 September 2024. As an exception, FCA and BoE are also consulting on changes to the UK EMIR Validation Rules, which might be required with some of the draft Q&As. Feedback should be submitted by 28 March 2024.
