The European Securities and Markets Authority (ESMA) web-site on 11 February had the following: ESMA issued today updated Question & Answers (Q&As) on the implementation of the European Markets Infrastructure Regulation (EMIR). These updated Q&As clarify, among others, issues related to reporting to trade repositories (TRs) such as on how to construct and generate Unique Trade Identifiers (UTI), the reporting of empty/not available fields and the UPI taxonomy.

The Q&A - see - is just an update on what has been issued before. It covers:

• General Questions (2)
• OTC Questions (18)
• CCP Questions (19)
• TR Questions (27)
• OTC Reporting Scenario Questions (1)
• ETD Reporting Questions (7).

The web-site continued: “ESMA appreciates that it will require a certain amount of time for both reporting firms and TRs to properly incorporate this further guidance.” This is the ‘get out of jail free’ card that corporates can quote if anyone (the authorities?) enquires as to why they are not reporting.