ESMA updates Q&A on EMIR data reporting

On 12th July 2018, the European Securities and Markets Authority (ESMA) issued an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).

The amendments to the existing General Q&A 1 on identification of counterparties to a derivative confirm that a portfolio manager could be a counterparty to a derivative when entering into a derivative on its own account and own behalf.

The amendments to the existing TR Q&A 40 on Legal Entity Identifier (LEI) amendments simplify the description of the existing process. The amendments also explain other processes TRs should follow in different scenarios where the reports must be updated in relation to the LEI.

A new case for reporting derivatives has also been added to the Part IV of the Q&A which explains the procedure for reporting to TRs in a transaction scenario involving portfolio management companies.