On Wednesday 26 October, the Commission adopted a proposal for a delegated regulation establishing the format and frequency of reports on transactions in derivatives traded over the counter to be submitted to trade repositories.
These new rules will enter into force nine months after they have been adopted, with the exception of the provision extending the deadline for reporting to the historical registers, which will apply once the future regulation has been published in the Official Journal of the EU, the Commission announced in a press release.
The European Market Infrastructure Regulation (EMIR) (648/2012) brought in requirements starting from this year for transactions in standard derivatives to be cleared in central counterparties. Trading in derivative products still carried out on an over-the-counter basis must be the subject of bilateral exchanges of collateral between the parties and be logged in the trade repositories.
Last week, the Commission presented a proposal to modify the technical standards detailing the minimum information to be reported to trade repositories, in order to take account of recent developments and lessons learned in the reporting of transactions since 2013. These changes aim to clarify the scope of the data and to bring in new fields, which will also have the effect of bringing the reporting requirements more into line with those provided for by the 'MiFIR' regulation (600/2014) governing the financial instruments markets. (Original version in French by Mathieu Bion)