The European Securities and Markets Authority (ESMA) has updated today the European Markets Infrastructure Regulation (EMIR) validation rules relating to the reporting of 'Variation margin received'. The rule that was announced in September 2020 (applicable from 8th of March 2021) has now been retracted.
From 30 April onwards trade repositories (TRs) should not reject derivatives reports where field “Variation margin received” (1.30) is left blank for derivatives that are reported by the reporting counterparty as “Uncollateralised”. This rule has been deemed as too strict and resulting in false rejections.
The same retraction has been announced by FCA on 17th of March, change is applicable from 21 June.