The technical standards on data reporting requirements under the European Markets Infrastructure Regulation (EMIR) have been updated and published by the European Securities and Markets Authority (ESMA). ESMA is required, under EMIR, to develop technical standards for the reporting obligations of counterparties and CCPs.

Under EMIR, counterparties must report their derivative trades to trade repositories following a defined data format.

The updated technical standards:

• clarify data fields, including their description, format or both;
• adapt existing fields to the reporting logic prescribed in existing Q&As or to reflect specific ways of populating them; and
• introduce new fields and values to reflect market practice or other necessary regulatory requirements.

The technical standards have now been sent to the European Commission, which has three months to approve them. Once endorsed, both the European Parliament and the Council have an objection period.