Commission Delegated Regulation (EU) 2022/1856 of 10 June 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) No 151/2013 by further specifying the procedure for accessing details of derivatives as well as the technical and operational arrangements for their access (Text with EEA relevance)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (1), and in particular Article 81(5), fourth subparagraph, in conjunction with Article 81(5), first subparagraph, point (d), thereof,

Whereas:

(1) In order to compare and aggregate data effectively and efficiently, trade repositories should use XML format templates and XML messages developed in accordance with ISO 20022 methodology for granting access to details of derivatives and for communicating with the entities referred to in Article 81(3) of Regulation (EU) No 648/2012. This should not prevent trade repositories and relevant entities from agreeing to use formats other than XML to communicate or to provide access to details of derivatives.

(2) The details of reported derivatives that trade repositories make available in XML format templates developed in accordance with ISO 20022 to the entities listed in Article 81(3) of Regulation (EU) No 648/2012 should contain the same information as the information provided by the counterparties, entities responsible for reporting and report submitting entities, as applicable.

(3) Information that entities listed in Article 81(3) of Regulation (EU) No 648/2012 should be able to access should include details of derivatives that trade repositories have rejected or details of derivatives that they have accepted, but for which they have issued a warning as well as the details following the performance of the reconciliation process for derivatives referred to in Article 19 of Commission Delegated Regulation (EU) No 150/2013 (2).

(4) Where the Commission has adopted an implementing act determining that the legal framework of a third country fulfils the conditions provided for in Article 76a(2) of Regulation (EU) No 648/2012, a trade repository should grant a relevant authority of that third country access to the data, taking account of the mandate and responsibilities of the third-country authority.

(5) To ensure a standardised and harmonised approach to accessing details of derivatives and to reduce the administrative burden for both the entities listed in Article 81(3) of Regulation (EU) No 648/2012 and the trade repositories, it is appropriate to further specify the tasks of the trade repositories in granting access to details of derivatives. The trade repositories should designate a person responsible for liaising with entities listed in Article 81(3) of Regulation (EU) No 648/2012. They should also make available on their website the instructions for those entities, explaining how to request access to the data held by the trade repository. Furthermore, to facilitate requests from those entities for access to the relevant data, trade repositories should prepare a standardised form which would help those entities to provide trade repositories with the information allowing the latter to establish the requirements for the access to the data. Finally, trade repositories should set up technical arrangements necessary for entities listed in Article 81(3) of Regulation (EU) No 648/2012 to access the details of derivatives reported.

(6) Commission Delegated Regulation (EU) No 151/2013 (3) should therefore be amended accordingly.

(7) This Regulation is based on the draft regulatory technical standards submitted to the Commission by the European Securities and Markets Authority after having consulted the members of the European System of Central Banks.

(8) The European Securities and Markets Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council (4).

(9) To give counterparties and trade repositories sufficient time to adapt to the new requirements under Commission Implementing Regulation (EU) 2022/1860 (5), the date of application of the provisions relating to the new data fields should be deferred,

HAS ADOPTED THIS REGULATION:

Article 1

Amendments to Delegated Regulation (EU) No 151/2013

Delegated Regulation (EU) No 151/2013 is amended as follows:

(2) in Article 3, the following paragraph 3 is added: ‘3.   In relation to a relevant authority of a third country for which the Commission has adopted an implementing act determining that the legal framework fulfils the conditions set out in Article 76a(2) of Regulation (EU) No 648/2012, a trade repository shall provide access to the data, taking account of the third country authority’s mandate and responsibilities.’;

Article 2

Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

Article 1 (4), points (c) and (d), shall apply from 29 April 2024.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 10 June 2022.

For the Commission The President Ursula VON DER LEYEN

(1) OJ L 201, 27.7.2012, p. 1.

(2) Commission Delegated Regulation (EU) No 150/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to regulatory technical standards specifying the details of the application for registration as a trade repository Text with EEA relevance (OJ L 52, 23.2.2013, p. 25).

(3) Commission Delegated Regulation (EU) No 151/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories, with regard to regulatory technical standards specifying the data to be published and made available by trade repositories and operational standards for aggregating, comparing and accessing the data (OJ L 52, 23.2.2013, p. 33).

(4) Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).

(5) Commission Implementing Regulation (EU) 2022/1860 of 10 June 2022 laying down implementing technical standards for the application of Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to the standards, formats, frequency and methods and arrangements for reporting (see page 68 of this Official Journal).