Regulatory Alerts2023-05-16 | NBB_2023_05Added · Updated
Communication regarding the new EMIR reporting standards
Entities under the supervision of the National Bank of Belgium must update their reporting processes to comply with new EMIR standards effective from 29 April 2024. All derivatives reporting must utilize the ISO 20022 XML format, and Trade Repositories are required to provide daily feedback on rejected reports and reconciliation status. Financial counterparties acting on behalf of non-financial entities must establish specific procedures for data provision and LEI renewal, while all entities face a legal obligation to notify the competent authority of significant reporting problems. A transitional period of 180 calendar days allows for the updating of information regarding contracts entered into prior to the new framework.
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