Regulatory Alerts2022-06-10
Added · Updated
Commission Implementing Regulation (EU) 2022/1860 on reporting standards for OTC derivatives
The European Commission adopted Implementing Regulation (EU) 2022/1860 to repeal and replace Regulation (EU) No 1247/2012, establishing detailed technical standards for reporting OTC derivatives under Regulation (EU) No 648/2012. The regulation mandates that counterparties and reporting entities use specific ISO standards, including LEI, UPI, and ISO 20022 XML formats, and defines precise rules for determining derivative direction, collateralization types, and Unique Trade Identifier generation. It requires daily reporting of margin and valuation updates, mandates the use of ISO 17442 LEI codes for entity identification, and sets out procedures for updating outstanding derivatives and resolving reconciliation breaks. The regulation applies to counterparties, central counterparties, trade repositories, and reporting entities, with an application date deferred by eighteen months from its entry into force.