UK EMIR reporting regime comes into force
30 September 2024 UK
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The revised derivative reporting regime under the UK European Market Infrastructure Regulation (EMIR) has come into force.
The Financial Conduct Authority (FCA) and the Bank of England (BoE) jointly published a policy statement PS23/2 in February 2023, confirming changes to the UK EMIR derivative reporting framework.
Under Article 9 of the UK EMIR, the BoE and the FCA share responsibilities for the derivatives reporting obligation.
The BoE is responsible for the framework for derivatives reporting as it applies to central counterparties (CCPs), while the FCA is responsible for the reporting framework for all other counterparties.
The objective is to keep the reporting framework identical for all UK reporting counterparties.
From 30 September 2024, all newly entered or modified derivative trades at both trade and position levels need to comply with the new requirements.
Derivative trades that entered before the date have a transition period until 31 March 2025 to update those outstanding derivative reports to the new requirements.
According to the BoE, these changes align the UK derivatives reporting framework with the technical guidance on the harmonisation of critical over-the-counter (OTC) derivatives data elements published jointly by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) in April 2018, to ensure a more globally consistent dataset.
The Financial Conduct Authority (FCA) and the Bank of England (BoE) jointly published a policy statement PS23/2 in February 2023, confirming changes to the UK EMIR derivative reporting framework.
Under Article 9 of the UK EMIR, the BoE and the FCA share responsibilities for the derivatives reporting obligation.
The BoE is responsible for the framework for derivatives reporting as it applies to central counterparties (CCPs), while the FCA is responsible for the reporting framework for all other counterparties.
The objective is to keep the reporting framework identical for all UK reporting counterparties.
From 30 September 2024, all newly entered or modified derivative trades at both trade and position levels need to comply with the new requirements.
Derivative trades that entered before the date have a transition period until 31 March 2025 to update those outstanding derivative reports to the new requirements.
According to the BoE, these changes align the UK derivatives reporting framework with the technical guidance on the harmonisation of critical over-the-counter (OTC) derivatives data elements published jointly by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) in April 2018, to ensure a more globally consistent dataset.
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