Publié le 26 mars 2024
Communiqué

EMIR REFIT reporting entre en vigueur le 29 avril 2024 (uniquement en anglais)

The CSSF reminds all counterparties involved in derivatives transactions of the upcoming entry into force of the new EMIR REFIT reporting on 29 April 2024.

In this context, the CSSF wants to draw the attention of counterparties to the following elements, with a particular emphasis on the importance of testing mentioned under point 8:

1. ESMA website which contains critical information for the proper implementation of EMIR REFIT: https://www.esma.europa.eu/data-reporting/emir-reporting

2. Previous CSSF press release on EMIR REFIT: https://www.cssf.lu/wp-content/uploads/PR22_33_EMIR_Refit_reporting_standards_211222.pdf

3. Entities shall notify the CSSF of significant errors and omissions following Article 9 of the ITS on reporting.

4. The CSSF will monitor the volume of currently submitted trades, including variations in the volumes of reported transactions.

5. Should an entity cease to exist, it must close trades (i) from a contractual point of view and (ii) with appropriate termination messages to the relevant Trade Repositories.

6. Should another entity take over the reporting on behalf of one counterparty, that counterparty must ensure that no trades are either forgotten or reported twice.

7. Counterparties are required to monitor the reporting they submit, or the reporting submitted on their behalf and must ensure its accuracy. For illustration purposes, the CSSF reminds counterparties to implement internal controls such as (non-exhaustive list):

  • a. Identification of outliers (e.g. caused by bad comma placement, bad currency conversion, bad input data)
  • b. Application of the correct action type (e.g. MODI vs CORR)
  • c. Identification and removal of duplicates
  • d. Timeliness checks (e.g. ensure timely reporting)
  • e. Consistency between the trading activity and the reporting (e.g. an entity only dealing with EQ derivatives should make sure that only EQ derivatives are reported)
  • f. Consistency over time of the reporting with the real activity (e.g. volume, amounts, counterparties)

8. Trade Repositories have made their platforms available for testing. The CSSF insists that all participants ensure their ability to submit their trades prior to the go-live date.

The CSSF wishes to reiterate that there has been sufficient time for stakeholders to implement the changes required for EMIR REFIT.