On August 8, the European Securities and Markets Authority (ESMA) published its final report to the European Commission proposing that the start date for reporting exchange traded derivatives to trade repositories be postponed by one year to January 2015.

ESMA proposes to amend Article 5 of the Commission’s Implementing Regulation (1247/2012), which sets out the implementing technical standards (ITS) on the format and frequency of reporting to trade repositories under the Regulation on OTC derivative transactions, central counterparties and trade repositories (Regulation 648/2012) (EMIR).

The current reporting start dates in Article 5 do not distinguish the methods of trading (exchange traded derivatives as against over-the-counter).  ESMA believes that specification of exchange traded derivatives is necessary to ensure harmonized reporting.  The delay allows ESMA time to develop guidelines and recommendations to ensure that reporting is consistent and capable of being efficiently used, and will allow time for their implementation by counterparties, trade repositories and regulators.  Final Report.