Newsalert - ESMA public statement on issues relating to reporting of derivatives under Article 9 of EMIR in case of a “no-deal Brexit”

Newsalert - ESMA public statement on issues relating to reporting of derivatives under Article 9 of EMIR in case of a “no-deal Brexit”

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On 1 February 2019, ESMA (the European Securities and Markets Authority) has published a statement on issues affecting reporting, recordkeeping, reconciliation, data access, portability and aggregation of derivatives under Article 9 of EMIR in case of UK withdrawal from the EU without a transitional agreement (“no-deal Brexit”).

With regard to reporting, before 29 March 2019, EU27 and UK counterparties should continue derivative reporting as currently done. In case of a no-deal Brexit, however, UK counterparties are not expected to report correctly to EU27 TR any derivative concluded prior to 29 March 2019 that was rejected as of 29 March 2019, neither to report amendments to any derivative concluded prior to 29 March 2019. Finally, UK counterparties are not expected to report to EU27 TR any derivative concluded on or after 29 March 2019. This will lead to a decoupling between the data reported by the EU27 counterparty and the UK counterparty.

Given the dual-sided reporting requirement for counterparties established in the EU (currently 28, after Brexit 27, member states) under EMIR, four different situations from counterparties’ perspective are covered in the statement: (i) EU27-EU27, (ii) EU27-UK, (iii) UK-EU27 and (iv) UK-UK. For each scenario, guidance is provided, in particular in Annex 2, in respect of: (i) reporting, (ii) reconciliation, (iii) recordkeeping, (iv) data access, (v) portability, and (vi) aggregation.

 

Download the attached Statement

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