Proposed EU Guidelines on Transfer of Data Between Trade Repositories

The European Securities and Markets Authority launched a consultation on proposed Guidelines on the transfer of data between trade repositories. The European Market Infrastructure Regulation requires counterparties and CCPs to report trades to a trade repository while ensuring that details of their derivatives contracts are reported without duplication. EMIR also requires trade repositories to maintain reported information for a period of ten years following the termination of the derivative.
 
Where a trade repository's registration with ESMA is withdrawn, the trade repository is required to ensure the transfer of data to other trade repositories and the redirection of reporting flows to other trade repositories. Data may also be transferred between trade repositories at the request of a counterparty to a derivative or the entity reporting on its behalf. The proposed Guidelines set out the related requirements for the transfer of data between trade repositories, including the requirements for trade repositories to develop a migration plan, fees and communications with the relevant national authorities. 

The proposed Guidelines would apply to counterparties to derivatives contracts, CCPs and trade repositories. The consultation closes on March 31, 2017. ESMA intends to publish a report and the final Guidelines by the end of Q2 or beginning of Q3 2017. 

View the consultation paper.