18th February 2015

The BBA response to the “Review of the technical standards on reporting under Article 9 of EMIR”

The BBA believes that enhanced technical standards will aid ESMA and the National Competent Authorities (NCAs) in achieving high quality data, and will allow the reporting parties to provide this data in the most efficient manner possible.

Although not addressed under the scope of this consultation, we recommend that ESMA give consideration, as part of the EMIR review, to relieving the reporting obligation from both parties. As it is critical we align the reporting requirements with other G20 countries, we recommend that ESMA consider a one-side reporting regime. The BBA welcomes the opportunity for discussions on this point with ESMA and NCAs in order to improve the functioning of trade reporting.