New ESMA Q&A for EMIR
ESMA have just released an amended EMIR TR Q&A 20.
You can find the full Q&A on ESMA's website here- http://www.esma.europa.eu/system/files/2014-1300_qa_xi_on_emir_implementation_october_2014.pdf
There is an important modification to it, which refers to the rejection of trades by TRs. In order to bring more transparency to the data validations, these are included in a table at the ESMA’s trade reporting webpage at the following link http://www.esma.europa.eu/page/Trade-reporting.
ESMA also stated some other changes:
"a minor change to one of the Level 1 validation rules included in this table above. It relates to counterparty data field 7 (Financial or non-financial nature of the counterparty). The validation for that field has to allow the submission of “X” also for the entities referred to in Article 1(5) of EMIR -mainly multilateral development banks-, which given their special nature have never been considered as either financial or non-financial entities. We understand that a condition for the acceptance of submission of data with “X” from those entities is that they report with a LEI. This will ensure that you would be able to easily and uniquely identify the reporting made by those entities (All these LEIs are available in UnaVista). In case of some other entities, falling under Article 1(5) EMIR, we invite you to propose the best way forward, for instance a notification to the TR that the entity has special regime and falls under Article 1(5) EMIR."