The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, will hold an open hearing on EMIR Reporting Guidelines.

The hearing is part of the consultation on draft Guidelines on a wide range of topics related to reporting, data quality and data access under EMIR Refit and on the validation rules that clarify dependencies between data fields, as well as their applicability in the different use cases.

During the open hearing that will be moderated by the Chair of the Data Standing Committee, Dr Christopher Buttigieg, the following aspects inter alia will be discussed:

• how reports should be constructed and in what circumstances reports should be made;
• reporting logic, including the use of action and event types;
• reporting in the case of delegation as well as under provisions on allocation of responsibility for reporting;
• the population of specific sections of fields; and
• the correct population of fields for different reporting scenarios and different products
• the procedures to be implemented by reporting entities and Trade Repositories to enhance data quality
• operational aspects concerning data access.

The closing date for responses is 30 September 2021. ESMA will consider the responses to this consultation with a view to finalising the proposed Guidelines and will publish a final report in Q4 2021/Q1 2022 (subject to the adoption of the draft RTS and ITS on reporting by the European Commission).

This open hearing aims at providing an opportunity for interested stakeholders (in particular, financial and non-financial counterparties to derivatives, central counterparties (CCPs) and trade repositories (TRs), as well as from all the authorities having access to the TR data and any other interested stakeholders) to discuss the proposals in advance of providing consultation responses.