Read the CySEC Circular C616
Memo #04-2024
CySEC Circular No: C616
Date: 23/01/2024
Subject: ESMA Guidelines for reporting under EMIR (ESMA74-362-2281)
Purpose: To remind CIFs, UCITS MC and AIFMs that the ESMA has published the Guidelines for reporting under EMIR on 23/10/2023.
In Summary:
CySEC has issued the Circular C616 on 23/01/2024 to remind the Cyprus Investment Firms (CIFs), UCITS Management Companies (UCITS MC) and the Alternative Investment Fund Managers (AIFMs), that the European Securities and Markets Authority (ESMA) has published the Guidelines for reporting under EMIR (the ‘Guidelines’) on 23/10/2023, translated in all official languages of the EU.
The Guidelines will apply to financial and non-financial counterparties to derivatives as defined in Articles 2(8) and 2(9) of EMIR, to trade repositories (TRs) as defined in Article 2(2) of EMIR and to competent authorities.
The Guidelines will apply in relation to the derivatives reporting obligation as stated in Article 9 of EMIR and the TRs’ obligations under Articles 78 and 81 of EMIR.
The Guidelines are based on Article 16(1) of ESMA’s Regulation. They fulfil several purposes with regards to the harmonisation and standardisation of reporting under EMIR.
The Guidelines provide clarifications on the following aspects:
a. transition to reporting under the new rules,
b. the number of reportable derivatives,
c. intragroup derivatives exemption from reporting,
d. delegation of reporting and allocation of responsibility for reporting,
e. reporting logic and the population of reporting fields,
f. reporting of different types of derivatives,
g. ensuring data quality by the counterparties and the TRs,
h. construction of the Trade State Report and reconciliation of derivatives by the TRs,
i. data access.
The Guidelines will apply from 29/04/2024.
CySEC informs that it has adopted the Guidelines by incorporating them into its supervisory practices and regulatory approach.
The ESMA Guidelines for reporting under EMIR can be found on the following link:
Read the CySEC Circular C616
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