Policy Statement: Changes to reporting requirements, procedures for data quality and registration of Trade Repositories under UK EMIR

This joint Bank of England and Financial Conduct Authority Policy Statement (PS) sets out our final amendments to Technical Standards and new rules for Trade Repositories in relation to the derivatives reporting framework under UK EMIR.

Published on 24 February 2023

Read our Policy Statement

Why we are doing this

The revised rules aim to ensure a more globally consistent dataset, where appropriate, to enable authorities to better monitor for systemic and financial stability risk. They look to improve data quality, provide clarity to counterparties where required and streamline the registration process for Trade Repositories (TRs).

Who this affects

This PS will primarily affect:

counterparties in scope of the reporting requirements under UK EMIR
TRs registered, or recognised, under UK EMIR
third party service providers who offer reporting services to counterparties subject to UK reporting under EMIR

It may also be of interest to trade associations, law firms and consultancy firms and be relevant to authorities in other G20 jurisdictions who are implementing, or considering, similar changes to their derivatives reporting regimes.

Next steps

The requirements we set out in this PS will come into effect on 30 September 2024.

Alongside this PS we have published draft Validation Rules and XML schemas to support implementation of the amended rules. Visit our Trade Repository Data Collections page for more details.