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EMIR Article 9 RTS Re-Write – Now What?

By Alan McIntyre and Andy Green

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Has the European Commission fired the starting gun for revised EMIR Reporting RTS, or merely cocked the starting pistol?

Almost a year ago, in November 2015, ESMA submitted the revised Regulatory Technical Standard (RTS) and Implementation Technical Standard (ITS) for Article 9 of EMIR (the transaction reporting) to the European Commission for consideration and adoption. These revised technical standards were intended to address some of the shortcomings within the current EMIR reporting standards, and amongst other changes increase the scope of reportable fields from 85 to 130. The anticipated timeline at the time was such that the European Commission had 3 months to either adopt the standards or send them back to ESMA for revisions. However, no news was forthcoming and despite progress on many other EU regulatory fronts, the EMIR Article 9 rewrite has been conspicuous by the silence surrounding it’s progress. This has been a source of concern for many of the reporting firms we talk to. A nine month window for implementation upon adoption implied that the EMIR date was edging closer and closer to the looming January 2018 MiFIR/MIFID II reporting deadline.

It looks like the silence has been broken. The EU Commission has adopted the RTS:

Interestingly though it doesn’t look as if they have yet adopted the corresponding ITS. Thus the question at the top of this post – is that the sound of the starting pistol being cocked?

Assuming the ITS is due soon (as it would seem very odd to adopt one and reject the other) then this would seem to indicate a start date in late Q3 to early Q4 2017. This is still a lot closer to that looming MIFID II date than would be wished for by many firms facing the requirement to update their current EMIR reporting whilst simultaneously working on establishing their MiFIR reporting. On the bright side at least clarity is starting to emerge around what the timelines will be, so that the many firms impacted by both EMIR and MiFIR can plan their project, testing and control framework streams accordingly.

Watch this space.

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