EMIR Transaction Reporting Q&As Updated

ESMA has published a new version of the EMIR transaction reporting Q&A.

Change	Subject	Status	Before	After
1	TR Q9) Reporting to TRs: Table of fields	Amended	Question: (e) If a broker is itself the counterparty (legal principal) to a trade, should it be reported in both the “broker” and “counterparty” fields? Answer: (e) Yes	Question: (e) If a broker is itself the counterparty (legal principal) to a trade, should it be reported in both the “broker” and “counterparty” fields? Answer: (e) No, when a broker is a counterparty to a derivative, it should report the derivative and identify itself as a counterparty. In line with the RTS on reporting and more particularly with regard to the details to be reported in the field 1.8, the broker is then not required to report its LEI in the field ’Broker ID’.
2	TR Q59) Inclusion of derivatives in the Trade State Report (TSR)	New	n/a	Question: (a) Should the derivatives maturing on day T be included in the TSR for that day? Answer: (a) Yes, the TRs should ensure that derivatives that mature on a given day should still be included in the TSR for that day. For the avoidance of doubt, the derivatives that were terminated or cancelled on a given day with any of the following action types: ‘E’, ‘C’, ‘P’ or ‘Z’, should not be included in the TSR for that day.
3	TR Q59) Inclusion of derivatives in the Trade State Report (TSR)	New	n/a	Question: (a) Should the counterparty be allowed to ‘reopen’ a derivative by modifying the maturity or termination date to a future date once the derivative expired or was terminated? Answer: (a) No, it is not possible to change the status of the derivative from non-outstanding to outstanding by modifying the maturity or termination date. Modification or correction of a maturity date to a future date should be allowed only until the day following the previously reported maturity date. In the case of modifications or corrections reported after that day, the new maturity date should be earlier than the date part of the field ‘Reporting Timestamp’ (Field 1.1). With regards to the termination date, it cannot be modified nor corrected to a future date once the derivative was terminated with action type ‘C’, ‘Z’ or ‘P’, therefore. counterparties should use these action types diligently. In the case of modifications or corrections reported after the submission of a report with action type ‘C’, ‘Z’ or ‘P’, the new termination date should be earlier than the date part of the field ‘Reporting Timestamp’ (Field 1.1).
4	ETD Q2) Which parties have to report	Amended	Question: Which parties have to report ETD contracts?	Question: Which parties have to report ETD contracts?