On 10 November 2014, ESMA published a Consultation paper (ESMA/2014/1352) on the revision of the regulatory technical standards (RTS) and implementing technical standards (ITS) required under Article 9 of EMIR. The standards came into force on 15 March 2013 and the practical experience gained since their implementation has revealed some areas of needed improvement. In the paper, ESMA explains that the timeframe of three months for drafting the RTS and ITS did not allow for extensive research into the new area of reporting.
The Consultation paper proposes to clarify the content of data fields and how to populate them. Currently, the RTS and ITS provide a description of the fields and the standards and formats to be used. However, some fields require a more comprehensive description or need to reflect a wider variety of possibilities in the derivatives markets.
ESMA also intends to transform some of their Q&As on EMIR implementation into technical standards since they are already expected to be followed by market participants. The latest version (ESMA/2014/1300) was published on 24 October 2014. Detailed changes to the RTS and ITS are outlined in Annex IV and Annex V respectively. ESMA will accept comments on the consultation paper until 13 February 2015.