Entities that are required to make reports, namely both financial counterparties pursuant to Article 2 (8) EMIR, as well as non-financial counterparties pursuant to Article 2 (9) EMIR (regardless of whether the clearing threshold has been exceeded or not), shall, pursuant to Article 9 EMIR, report all concluded trades, changes or terminations to derivative contracts to a trade repository at latest on the following working day following the conclusion of the trade. In addition financial and non-financial counterparties exceeding the clearing threshold are required to report updates about collateral and valuation of the derivative contract. This requirement to report updates about collateral and valuation of the derivative contract does not exceed for non-financial counterparties below the clearing threshold.
Derivative contracts required to be reported
Derivative contracts that are required to be reported are all instruments listed in Annex I Section C nos. 4 to 10 MiFID, regardless of whether the contract was concluded at a trading venue or not.
The following six trade repositories were authorised on 07.11.2013 by the ESMA to fulfil reporting obligations with effect from 14.11.2013 and have since been supervised by the ESMA:
- REGIS-TR (LUX): Joint Venture between Ilberclear (Spanish CSD) and Clearstream (German ICSD)
- UNAVISTA LTD. (UK): Part of the London Stock Exchange Group (LSEG)
- DTCC Derivatives Repository Ltd – DDRL (UK): Part of the DTCC Group (US)
- Krajowy Depozyt Papierów Wartościowych Spółka Akcyjna – KDPW (PL): Part of the Polish CSD / Owners of the Polish CCP
- ICE Trade Vault Europe Ltd. (UK)
- CME European Trade Repository (UK)
Submission of the report
The submission of the report may be outsourced to a third party, although responsibility for the correctness of the report always however remains with the entity that is required to make the report.
The details about the report pursuant to Article 9 EMIR are defined in a Regulatory Technical Standard (RTS) – Commission Delegated Regulation (EU) no 148/2013 and an Implementing Technical Standard (ITS) Commission Delegated Regulation (EU) No 1247/2012, which are currently being reviewed.
For a report to one of the abovementioned trade repositories, pursuant to Article 3 of the ITS, a Legal Entity Identifier (LEI) in accordance with ISO 17442 is required both by the party required to make the report as well as by all legal persons named in the report.
Since 03.11.2014 Oesterreichische Kontrollbank Aktiengesellschaft (OeKB) as the service partner of WM Datenservice Deutschland, has been the point of contact for Austrian entities for new and already applied for Legal Entity Identifiers. Further details can be found on the OeKB website.