The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has recently postponed the applicability date of the updated EMIR validation rules which were originally to be applicable from the from 1st February 2021. The new date has now been set to 8th March 2021.
Due to technical issues related to the implementation of these rules in relation to the UK’s withdrawal from the EU, the five-week postponement should provide a short relief until they can be implemented.
EMIR mandates the reporting of all derivatives to Trade Repositories (TRs) which subsequently centrally collect and maintain these derivatives records. TRs play a critical role in enhancing transparency and reducing risks to the wider financial economy.
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