ESMA: EMIR Validations Update

September 10, 2020

ESMA have today published the following changes to the EMIR validations.

Please find below a log of all changes which will be live from 08/03/2021.

Ref Field Column Value Before Value After
1 Reporting timestamp -Conditions
-Format and content
-Common input format: YYYY-MM-DDThh:MM:SSZ
The reporting timestamp should be equal or earlier than the timestamp of the receipt of the report by the TR. The date part of the timestamp cannot be earlier than the day preceding the date of the receipt of the report by the TR.
The receipt of the report should be understood as the moment the report enters a TR’s system
-Common input format: YYYY-MM-DDThh:MM:SSZ
The reporting timestamp should be equal or earlier than the timestamp of the receipt of the report by the TR. The date part of the timestamp cannot be earlier than the day preceding the date of the receipt of the report by the TR.
The reporting timestamp should be equal or later than the execution timestamp reported in the field 2.25.
The reporting timestamp should be equal or later than 2014-02-12.
The receipt of the report should be understood as the moment the report enters a TR’s system
2 Valuation timestamp -Conditions
-Format and content
If field 1.17 is populated, this field shall be populated in a common input format: YYYY-MM-DDThh:mm:ssZ
Otherwise, the field shall be left blank.
If field 1.17 is populated, this field shall be populated in a common input format: YYYY-MM-DDThh:mm:ssZ
The valuation timestaamp should be equal or later than 2014-02-12.
Otherwise, the field shall be left blank.
3 Initial margin posted Trade level: V (Mandatory status)
and
Position level: V (Mandatory status)
O C
4 Initial margin posted -Conditions
-Format and content
When populated:
Up to 20 numerical characters including up to 19 decimals.
The decimal mark is not counted as a numerical character.  If populated, it shall be represented with a  dot.
Negative values are not allowed.
If field 1.21 is populated with  “OC” or “FC”, this field shall be populated.
If field 1.21 is populated with  “U” or “PC”, this field shall be left blank.Up to 20 numerical characters including up to 19 decimals.
The decimal mark is not counted as a numerical character.  If populated, it shall be represented with a  dot.
Negative values are not allowed.
5 Variation margin posted Trade level: V (Mandatory status)
and
Position level: V (Mandatory status)
O C
6 Variation margin posted -Conditions
-Format and content
When populated:
Up to 20 numerical characters including up to 19 decimals.
The decimal mark is not counted as a numerical character.  If populated, it shall be represented with a  dot.
Negative values are not allowed.
If field 1.21 is populated with “PC”, “OC” or “FC”, one of the fields 1.26 or 1.30 shall be populated (with a positive value or zero) while the other field shall be left blank or populated with zero.
If field 1.21 is populated with “U”, this field shall be left blank.  Up to 20 numerical characters including up to 19 decimals.
The decimal mark is not counted as a numerical character.  If populated, it shall be represented with a  dot.
Negative values are not allowed.
7 Initial margin received Trade level: V (Mandatory status)
and
Position level: V (Mandatory status)
O C
8 Initial margin received -Conditions
-Format and content
When populated:
Up to 20 numerical characters including up to 19 decimals.
The decimal mark is not counted as a numerical character.  If populated, it shall be represented with a  dot.
Negative values are not allowed.
If field 1.21 is populated with  “FC”, this field shall be populated.
If field 1.21 is populated with  “OC”, this field shall be left blank.
Up to 20 numerical characters including up to 19 decimals.
The decimal mark is not counted as a numerical character.  If populated, it shall be represented with a  dot.
Negative values are not allowed.
9 Variation margin received Trade level: V (Mandatory status)
and
Position level: V (Mandatory status)
O C
10 Variation margin received -Conditions
-Format and content
When populated:
Up to 20 numerical characters including up to 19 decimals.
The decimal mark is not counted as a numerical character.  If populated, it shall be represented with a  dot.
Negative values are not allowed.
If field 1.21 is populated with “PC”, “OC” or “FC”, one of the fields 1.26 or 1.30 shall be populated (with a positive value or zero) while the other field shall be left blank or populated with zero.
If field 1.21 is populated with “U”, this field shall be left blank.  Up to 20 numerical characters including up to 19 decimals.
The decimal mark is not counted as a numerical character.  If populated, it shall be represented with a  dot.
Negative values are not allowed.
11 Maturity date -Conditions
-Format and content
When populated, shall be populated in a common input format: YYYY-MM-DD.
The value of this field shall be greater than or equal to  the value of the field 2.26.
When populated, shall be populated in a common input format: YYYY-MM-DD.
The value of this field shall be greater than or equal to  the value of the field 2.26.
The maturity date should be equal or later than 2014-02-12.
12 Termination date -Conditions
-Format and content
When populated, shall be populated in a common input format: YYYY-MM-DD.
The value of this field shall be greater than or equal to the value of the date part of the field 2.25.
If fields 2.28 and 2.27 are both populated, the value of this field shall be less than  or equal to the value of the field 2.27.
When populated, shall be populated in a common input format: YYYY-MM-DD.
The value of this field shall be greater than or equal to the value of the date part of the field 2.25.
If fields 2.28 and 2.27 are both populated, the value of this field shall be less than  or equal to the value of the field 2.27.
The termination date should be equal or later than 2014-02-12
13 Settlement date -Conditions
-Format and content
When populated shall be populated in a common input format: YYYY-MM-DD.
The value of this field shall be greater than or equal to the value of the date part of the field 2.25.
This field is repeatable.
When populated shall be populated in a common input format: YYYY-MM-DD.
The value of this field shall be greater than or equal to the value of the date part of the field 2.25.
The settlement date should be equal or later than 2014-02-12.
This field is repeatable
14 Clearing Obligation -Conditions
-Format and content
If field 2.15 is not populated with a MIC code of  a regulated market of a third-country market considered as equivalent to a regulated market , this field shall be populated and shall contain one of the following values “Y” or “N”.
‘X’ is accepted when the actual value is not available.
1 alphabetical characters.
If field 2.15 is not populated with a MIC code of a trading venue that was a regulated market or  a third-country market considered as equivalent to a regulated market at the time of the conclusion of the derivative, this field shall be populated and shall contain one of the following values “Y” or “N”.
‘X’ is accepted when the actual value is not available.
1 alphabetical characters.
15 Intragroup -Conditions
-Format and content
If field 2.15 is not populated with a MIC code of a regulated market of a third-country market considered as equivalent to a regulated market , this field shall be populated and shall contain only one of the following values: “Y” or “N”. 1 alphabetic character. If field 2.15 is not populated with a MIC code of a trading venue that was a regulated market or a third-country market considered as equivalent to a regulated market at the time of the conclusion of the derivative, this field shall be populated and shall contain only one of the following values: “Y” or “N”. 1 alphabetic character.
16 Interconnection Point -Conditions
-Format and content
If field 2.66 is populated with “NG” or “EL” , this field  shall be populated and shall contain
-an EIC code as specified in the EIC Area Codes (Z)  code list and pertaining to a interconnection point within the European Union, or
– 16 alphanumerical characters
XXXXXXXXXXXXXXXX if the interconnection point is not within the European Union..
Otherwise the field shall be left blank.
If field 2.66 is populated with “NG” or “EL” , this field  shall be populated and shall contain
-an EIC code as specified in the EIC Area Codes (Z) or (Y) code list and pertaining to a interconnection point within the European Union, or
– 16 alphanumerical characters
XXXXXXXXXXXXXXXX if the interconnection point is not within the European Union..
Otherwise the field shall be left blank.
17 Maturity date of the underlying -Conditions
-Format and content
If field 2.1 (Contract type) is populated with  “ST” this field shall be populated in a common input format: YYYY-MM-DD. If field 2.1 (Contract type) is populated with  “ST” this field shall be populated in a common input format: YYYY-MM-DD.
The maturity date of the underlying should be equal or later than 2014-02-12.

 

https://www.esma.europa.eu/press-news/esma-news/emir-reporting-validation-rules-applicable-8-march-2021

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