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Here to help with Regulation and Compliance
European Markets Infrastructure Regulation (EMIR) Overview:
The financial crisis highlighted that certain risks associated with derivatives, were not sufficiently mitigated, particularly those in the over-the-counter (OTC) section of the market such as credit default swaps.
Since then, the European Commission has been working to address these risks and on 16th August 2012, the European Markets Infrastructure Regulation (EMIR) came into effect.
Under the Regulation, reporting requirements are imposed on entities of all types and sizes that enter into any form of derivative contract, including those not involved in financial services and it also applies indirectly to non-EU firms that trade with EU firms.
EMIR is designed to improve the stability of OTC derivative markets throughout the EU and requires standard derivative contracts to be cleared through central counterparties (CCPs). CCPs will have stringent conduct of business and prudential requirements imposed upon them under the Regulation, and a list of those authorised will be maintained by the European Securities & Markets Authority (ESMA).
Read Our Other Transaction & Trade Reporting Related EMIR Articles:
Transaction Reporting & TRUP Assistance
The Transaction Reporting User Pack (TRUP), as issued by the regulator, provides market participants with guidance on transaction reporting obligations in line with the requirements of the Markets in Financial Instruments Directive (MiFID) and applies to FCA authorised firms as well as firms from non-EU countries that trade upon UK markets, operators of an approved reporting mechanism or regulated market or multilateral trading facility (MTF).
Compound Growth has considerable experience and expertise in relation to regulatory transaction reporting. If you would like to discuss your transaction reporting requirements or the implementation of TRUP for your business we would be happy to hear from you.
Read our latest on TRUP:
Transaction & Trade Reporting Support
including EMIR requirements
EMIR Implementation Timeline: |
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01/12/15 - 01/12/19 |
Initial margining requirements phased in. |
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01/12/15 |
Variation margin requirements for non-centrally cleared trades apply. |
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11/08/14 |
Financial counterparties/NFC+s will be required to provide daily reports on mark-to-market valuations of positions and on collateral value. |
|
10/10/14 |
Article 2 of the technical standards on the cross-border application of EMIR (which sets out which contracts have a direct, substantial and foreseeable effect within the EU) apply. |
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10/04/14 |
The technical standards on the cross-border application of EMIR. |
|
18/03/14 |
The first CCP was authorised under EMIR. |
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12/02/14 |
Details of all classes of derivative contracts (both OTC and ETD) are required to be reported to recognised trade repositories |
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15/09/13 |
Risk management of non-cleared OTC derivatives through portfolio reconciliation, dispute resolution and trade compression. |
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15/03/13 |
All legal and contractual terms of non-cleared OTC derivative contracts must be confirmed between counterparties within specified timelines. |
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15/03/13 |
Non-financial counterparties exceeding the clearing threshold are required to notify the FCA. |
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15/03/13 |
The technical standards on OTC Derivatives, Reporting to Trade Repositories & Requirements for Trade Repositories & Central Counterparties effective. |
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16/08/12 |
EMIR entered into force from today, although most provisions only apply after technical standards become effective. |
Contact Us
Transaction Reporting Help & TRUP Assistance
Transaction & Trade Reporting Advice and Support
Compound Growth Limited helps its client to comply with an increasingly complex regulatory regime and can help provide advice and support for your firm’s transaction and trade reporting requirements including EMIR requirements.
If you would like to discuss your requirements with us, please contact us and we would be happy to help.