Reminder to Managers re Upcoming Changes to EMIR Reporting

Background

The European Market Infrastructure Regulation (EMIR) data reporting requirements apply to European Union (EU) funds and EU fund managers. UK EMIR imposes reporting requirements on UK funds and UK managers. The reporting requirements may also apply to US and other delegate investment managers as a result of their contractual responsibilities for reporting on behalf of the fund. The EU technical standards,¹ which set out the data fields to be reported to a trade repository under EMIR, are changing with effect from 29 April 2024.

Similar changes are also introduced by the Financial Conduct Authority (FCA) to the reportable fields in the UK EMIR technical standards. The UK changes are due to take effect on 30 September 2024. To a large degree, the changes are consistent with the EU changes to EU EMIR reporting requirements. However, there are a small number of areas of divergence from the EU approach. See our prior alert EMIR - Proposed Changes to EU Derivatives Rules.

Changes

The changes do not change the existing statutory responsibilities for reporting. However, they will affect the substance and form of the required reports going forward and expand the potentially applicable data fields.

In addition, the changes require the re-reporting of outstanding derivative contracts in accordance with the applicable new requirements by 26 October 2024.

The new standards also introduce an express requirement for the responsible reporting entity (with respect to EU/UK entities, the AIFM or the UCITS Management Company) to notify relevant regulatory authorities of certain types of material errors or omissions in its reporting.

The final versions of the UK EMIR Validation Rules and XML schemas are available on the FCA’s UK EMIR reporting webpage.

^{1 The new reporting data fields can be viewed in Annex I of the amended technical standards.}