EMIR REFIT Update from ESMA
Today, ESMA released a consultation paper on EMIR REFIT Reporting Guidelines. The consultation paper includes draft guidelines on topics relating to reportability, field-by-field reporting rules, TR reconciliation and TR data access under EMIR REFIT.
The consultation paper also covers EMIR REFIT draft XML schema for reporting, clarifying interdependencies between data fields and how the rules apply to reporting scenarios in scope. The closing date for responses is 30 September 2021.
This update consultation gives the industry much welcome clarity on how ESMA aims to implement the new EMIR reporting rules and guidelines, and provides firms with a detailed framework for further preparation ahead of the regulation go live.
The consultation paper, the draft validation rules and draft XML schema for reporting can be found here.