Circular CSSF 24/855 is a CSSF circular, published 21 March 2024. Subject: Application of the Guidelines of the European Securities and Markets Authority on transfer of data between Trade Repositories under EMIR and SFTR.
\nMain topic: EMIR, SFTR. Keywords: Central counterparty (CCP), Financial counterparty (FC), Non-financial counterparty (NFC), Risk management, Securities financing transactions (SFTs), Trade repository (TR).
\nCircular CSSF 24/855 Application of the Guidelines of the European Securities and Markets Authority on transfer of data between Trade Repositories under EMIR and SFTR To financial and non-financial counterparties to derivatives as defined in Articles 2(8) and 2(9) of EMIR 1 for which the CSSF is the competent authority in accordance with Article 1(2) of the Law of 15 March 2016 on OTC derivatives, central counterparties and trade repositories and amending different laws relating to financial services (hereafter “EMIR Law”)
\nLuxembourg, 21 March 2024 Ladies and Gentlemen, The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, applies the ESMA Guidelines on transfer of data between Trade Repositories under EMIR and SFTR (Ref. ESMA74-362-2351) (the “Guidelines”), published on 5 January 2024. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promoting supervisory convergence in this field at European level. All entities in scope shall duly comply with them. The Guidelines are issued by ESMA on its own initiative, as per Article 16(1) of ESMA’s regulation, and are related to the application of EMIR reporting obligations in accordance with Article 9 of EMIR and the Trade Repositories’ (“TRs”) obligations under Articles 78, 79 and 80 of EMIR. The Guidelines fulfil several purposes with regard to the establishment of consistent, efficient and effective supervisory practices within the European System of Financial Supervision (“ESFS”) and to ensure their common, uniform and consistent application by providing clarification for TRs, reporting counterparties and Entities Responsible for Reporting (“ERR”) on how to ensure continual compliance with the following EMIR provisions: a) Article 9(1e) of EMIR which provides that “Counterparties and CCPs that are required to report the details of derivative contracts shall ensure that such details are reported correctly and without duplication”; b) Article 80(3) of EMIR which provides that “A trade repository shall promptly record the information received under Article 9 and shall maintain it for at least 10 years following the termination of the relevant contracts. It shall employ timely and efficient record keeping procedures to document changes to recorded information”; c)
\nArticle 79(3) of EMIR which provides that “A trade repository from which registration has been withdrawn shall ensure orderly substitution including the transfer of data to other trade repositories and the redirection of reporting flows to other trade repositories”; and
\nd) the procedures for portability under Article 78(9) of EMIR.
\n1 Regulation (EU) 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories - European Market Infrastructure Regulation (“EMIR”).
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\nGuidelines
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\nESMA’s
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\nhttps://www.esma.europa.eu/ This circular shall apply to financial and non-financial counterparties to derivatives as defined in Articles 2(8) and 2(9) of EMIR for which the CSSF is the competent authority in accordance with the EMIR Law (“reporting counterparties”). The CSSF reminds reporting counterparties that they must ensure that ERR reporting on their behalf apply these Guidelines. This Circular enters into force as of its publication date.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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