RegAlert2023-05-16 | 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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Public NBB_2023_05 – 16 May 2023 Communication – Page 1/3 boulevard de Berlaimont 14 – 1000 Brussels tel. +32 2 221 30 17 company number: 0203.201.340 RLP Brussels www.nbb.be Communication Public Brussels, 16 May 2023 Reference : NBB_2023_05 Your correspondent:
Pablo Rovira Kaltwasser tel. +32 2 221 39 86
Pablo.RoviraKaltwasser@nbb.be
Communication regarding the new EMIR reporting standards Scope of application All financial and non-financial entities (hereafter referred to as the entities) under supervision of the National Bank of Belgium (hereafter referred to as the Bank). Summary This communication draws the attention of the entities on the changes to the reporting standards of the European Market Infrastructure Regulation (EMIR)1 that will apply from 29 April of 2024 onward. Dear Madam Dear Sir The National Bank of Belgium would like to remind all entities under its supervision that the changes to the EMIR reporting standards approved by the European Parliament last year will apply from 29 April 2024 onward. The Bank would like to draw in particular the attention of the entities the following changes. ISO 20022 XML Reporting format
Article 1 of Regulation EU 2022/1860 requires that entities report the details of their derivatives contracts
in accordance with the ISO 20022 format. Furthermore, Trade Repositories (TRs) will be required to communicate the reconciliation status as well as the end-of-day status of the reports submitted by the entities also in accordance with the ISO 20022 standard2. This means that the use of any reporting format other than the ISO 20022 will be forbidden in the future. The end-to-end application of the ISO 20022 reporting format is expected to significantly enhance the quality of the EMIR data by reducing the risk of discrepancies between the reports submitted by the counterparties to a derivative contract. As such, the 1 Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories. 2 See Articles 1, 3 and 4 of Regulation EU 2022/1858. “‘ BanqueNationaleBank DE BEGIQUE VAN BELGIË Eurosystem
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Source: National Bank of Belgium — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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