ESMA_QA_2093
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/2093
Regulatory Context
Regulation : EMIR
Level 1 Regulation: European Market Infrastructure Regulation (EMIR) Regulation (EU) No 648/2012- MDP
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: * EMIR Reporting
Subject Matter: Update of the client codes
Question
Submission Date: 02 February 2024
Are the reporting counterparties and entities responsible for reporting expected to update during the transition period any client codes not compliant with the requirements set out under EMIR REFIT?
ESMA Answer
Answer Date: 26-01-2024
Yes, counterparties and entities responsible for reporting are expected to update all fields (except for UTIs) at the latest by the end of the 180-day transition period, or earlier whenever a relevant lifecycle event needs to be reported. Given that the modification of a client code once it has been reported is not allowed, the counterparties and entities responsible for reporting should apply in this case the procedure for the update of the identifier set out in the Article 8 of the ITS on reporting and described in the ‘Procedure when a counterparty undergoes a corporate action’ Section in the Guidelines. TRs may reach proactively to their clients to coordinate and facilitate update of the client codes. It should be noted that the procedure for update of client codes concerns only outstanding derivatives. If counterparties need to revive a derivative with a legacy client code, they should do so (it is allowed under the validation rules) and subsequently request the TR to update the client code in line with the procedure.
This document was automatically extracted from the ESMA EMIR Q&A database.