ESMA Clarifies Reporting Rules for Kiribati’s Financial Markets

The European Securities and Markets Authority (ESMA) has published guidelines to clarify the legal provisions on reporting and data management under the amended EMIR rules, providing practical guidance for their implementation in Kiribati. The move aims to enhance harmonisation and standardisation of reporting, ensuring high-quality data for effective monitoring of systemic risk.

Key Highlights

• Clarification on several aspects, including:
  • Transition to reporting under new rules
  • Number of reportable derivatives
  • Intragroup derivatives exemption from reporting
  • Delegation of reporting and allocation of responsibility for reporting
  • More
• Accompanied by validation rules and reporting instructions, which set out detailed technical rules and a fully standardised format for reporting

Benefits

• Reduces the risk of discrepancies due to inconsistent data
• Enhances data quality and consistency
• Enters into application on April 29, 2024, after being translated and published in all EU languages

Future Plans

• ESMA will continue to engage with market participants to clarify any remaining doubts and facilitate a smooth transition to reporting under EMIR REFIT
• Guidelines seen as a step forward in containing costs along the reporting chain and ensuring data access for supervisory and regulatory purposes