ESMA Publishes Details of EMIR Reporting Level 2 Validation

ESMA published its latest Q&A on the implementation of EMIR on 27 April 2015. This included the finalised details of the Level 2 validation for EMIR trade reporting. These details can be found on the link: http://www.esma.europa.eu/system/files/emir_validation_table.xlsx

This change will require UnaVista, and all the other Trade Repositories, to implement additional validation and reject and reports that fail this validation. The Level 2 validation complements the Level 1 validation implemented in December 2014. Where the Level 1 validation focussed on whether a field could be left blank or not, Level 2 appears to be potentially far more onerous as it requires validation on the actual content of the fields to ensure it adheres to the reporting technical standards, including logical dependencies between many of the fields. 

ESMA requires the Trade Repositories to implement the Level 2 validation by the end of October 2015. UnaVista already incorporates many of the required Level 2 validations, but our reporting specification will need to be amended to full comply with the required changes. We are currently analysing the requirements and we will publish a timeline for educational events, release of new specifications, UAT and implementation in the very near future.

ESMA’s latest Q&A documentation can be found at: http://www.esma.europa.eu/system/files/2015_775_qa_xii_on_emir_implementation_april_2015.pdf