BoE and PRA issue joint consultation on amendments to UK EMIR reporting standards

The Bank of England and the UK Financial Conduct Authority have published a joint consultation paper proposing amendments to the UK EMIR trade repository reporting requirements, using their powers under article 9 of UK EMIR and section 138P of the Financial Services and Markets Act 2000 (FSMA). The proposed changes follow the full implementation of the UK EMIR Refit in March and aim to make the reporting regime run more smoothly.

The key proposals include:

• Adding a new field, "Execution agent", to Table 3 of the Annex in each reporting technical standard, to correct an earlier oversight where the field was included in trade reporting requirements but omitted from margin reporting requirements. Related cross-references in the standards will also be updated.
• Correcting a cross-referencing error in article 8(5) of Annex B, relating to the Unique Transaction Identifier.

The changes will be implemented through the draft Bank Standards Instrument: The Technical Standards (EMIR Reporting and Data Quality and Miscellaneous Amendments) Instrument 2025 and are expected to take effect on 1 December. The deadline for comments on the consultation paper is 30 June.

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