Derivative reporting requirements under UK EMIR: Additional draft Q&As

We sought feedback alongside the Bank of England (the Bank) on our additional draft guidance for counterparties reporting under the revised UK EMIR Article 9 reporting requirements.

Why we consulted

The derivatives data reported under Article 9 of the UK version of the European Market Infrastructure Regulation (UK EMIR) provides transparency to us and the Bank of England (the Bank) of the UK derivatives market for systemic risk and financial stability monitoring purposes. It is important the data to which we have access is complete, accurate, reported consistently and on time to ensure we can fulfil our financial stability objectives and to promote the safety and soundness of regulated firms. To support firms’ reporting, the FCA and the Bank have shared guidance in the form of Q&As . We sought feedback, alongside the Bank, on two additional draft Q&As. These have been developed in response to issues identified by market participants.

Background

Under Article 9 of UK EMIR, the FCA and the Bank (together, 'the Authorities’) share supervisory responsibilities for the derivatives reporting obligation. The FCA is responsible for the reporting framework for counterparties in addition to trade repositories (TRs). The Bank is responsible for the framework for derivatives reporting as it applies to central counterparties (CCPs). Any subsequent references to ‘we’, ‘us’ and ‘our’ in this document should be read in this context and based on this split of responsibilities. The draft Q&As should be read in conjunction with the FCA/Bank of England Policy Statement (PS 23/2) and the supporting documentation below (which are collectively referred to as 'the requirements'): EMIR Technical Standards on the Minimum Details of the Data to be Reported to Trade Repositories 2023 EMIR Technical Standards on the Standards, Formats, Frequency and Methods and Arrangements for Reporting 2023 The technical specification documents: XML schemas under UK EMIR, together 'the XML Schemas' Incoming messages Outgoing messages UK EMIR Validation rules European Market Infrastructure Regulation Rules (EMIRR) for TRs UK EMIR reporting questions and answers

Draft Q&As

The draft Q&As subject to this consultation have been informed by discussions with trade associations, reporting counterparties, TRs and CCPs via the UK EMIR Reporting Industry Engagement Group. This group, co-chaired by us and the Bank, provides a forum for discussing UK EMIR reporting issues with industry to ensure consistent reporting. In developing these Q&As, the FCA has considered our strategic objective, our operational objectives and the secondary international competitiveness and growth objective. We are satisfied that the proposed guidance is compatible with our objectives and other legal obligations. The FCA have considered the equality and diversity issues that may arise from the proposed guidance. We have not identified any adverse impact that the proposals would have on any of the groups with protected characteristics under the Equality Act 2010. These Q&As are in draft form and should be treated as indicative only. They may be subject to change and should not be interpreted as final or as reflecting a definitive policy position. We anticipate the finalised Q&As will be published in October 2025, following the conclusion of this consultation process, and will be appended to the relevant topic to which they relate, as indicated by the numbering below.

4. Derivatives Identifiers

5. Asset Class and Product Specific

Next Steps

These Q&As have now been finalised and appended to the relevant sections of the UK EMIR reporting Q&As .

: Information changed Consultation closed

: Link added under More information: Changes to UK EMIR reporting requirements

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