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 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:
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.
A list of all the Local Operating Units (LOUs) active on a cross-border basis can be found here. For further information about LEIs please also consult the ESMA Briefing Note of 09.10.2017.
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.
Additionally GS1 Austria, in cooperation with GS1 Germany, can be contacted by Austrian entities to apply for a Legal Entity Identifiers. Further details can be found on the GS1 Austria website.
European Market Infrastructure Regulation, EMIR
Regulatory Technical Standard 148/2013
Regulatory Technical Standard 1247/2012
Reports to the FMA