To which OTC derivatives do the reporting obligations apply?
Counterparties and CCPs must report the details of all their derivative contracts to a registered trade repository (TR). They are also required to report amendments to contracts and terminations of contracts. Hence, the reporting obligation applies to all derivatives contracts, i.e. OTC derivative contracts (centrally cleared or otherwise) and derivatives contracts concluded on a regulated market or a multilateral trade platform. The contract details must be reported on the business day following the day the contract was concluded, amended or terminated at the latest.
To whom does the reporting obligation apply?
The reporting obligation applies to all counterparties entering into derivatives contracts, including the CCP in some cases. Mark-to-market valuations of derivative contracts cleared by CCPs only have to be reported by the CCP (see Article 3(5) of the RTS 148/2013). A counterparty or CCP may transfer its reporting obligation to a third party, but must ensure that the details of derivative contracts are not reported more than once.
Where must reports be submitted?
In principle, counterparties and CCPs should report the contract details a trade repository registered by ESMA.
A legal entity having its registered office in the EU and complying with the requirements as stipulated in title VII of EMIR, may apply for registration with ESMA. For more information on the application for registration, see the RTS 'specifying the details of the application for registration as a trade repository’ (RTS 150/2013) and the ITS ‘specifying the details of the application for registration as a trade repository’ (ITS 1248/2012).
A TR registered in a third country may only provide services and perform activities related to the reporting obligations for counterparties and CCPs having their registered offices in the EU if it has been recognised by ESMA. The TR registered in a third country must apply for recognition with ESMA. See Article 77 of EMIR for more information on the application for recognition.