In our response, we state that ESMA’s current proposal is unnecessary, as several NCAs have also indicated. The existing reporting requirements under Article 9 of EMIR already provide sufficient information on clearing activities, including those of recognized CCPs from third countries. A new, parallel requirement would lead to duplicate reporting and a disproportionate operational burden, while the added value for supervision is limited. An additional requirement is also inconsistent with the European agenda for simplification and burden reduction and the “report once” principle.
The reporting burden has gradually increased in recent years, particularly under EMIR, SFTR, and MiFIR. This has led to overlapping obligations and rising costs for market participants and regulators. We therefore propose that ESMA and national regulators use the information already reported under EMIR, SFTR, and MiFIR for their supervisory purposes.
