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Here to help with Regulation and Compliance
Trade Reporting: Revised EMIR RTS
22nd June 2016
The start of next year (2017) in particular will see some important changes take place for current EMIR trade reporting.
Revised EMIR RTS
The revised EMIR Regulatory Technical Standards (RTS) for EMIR trade reporting will include ESMA - the European Securities and Markets Authority - introducing:
- changes to position reporting;
- a large addition of new fields, including:
- collateral reporting fields; and
- asset class specific fields
These changes are thought to be much more complex and burdensome for EMIR trade reporting than the previous validation changes from Level 1 and Level 2.
Start Planning for EMIR Trade reporting changes
Now that we are approaching this year’s halfway marker, those affected should start timetabling their plans soon to ensure they are ready in time.
EMIR Updates
To keep up to date with EMIR developments, visit our EMIR News & Updates section which is regularly updated with the latest EMIR news.
So far this month:
- 14/06/2016: The CME (Chicago Mercantile Exchange Inc) was granted recognition as a third country CCP under EMIR by ESMA
- 10/06/2016: Delegated Regulation for the Clearing of Interest Rate Derivatives denominated in the non-G4 Currencies was published by the European Union and becomes effective on 1st July 2016.
- 08/06/2016: The deadline for exposures to qualifying central counterparties has been extended to 15th December 2016 by the European Commission
- 02/06/2016: A Memorandum of Understanding (MoU) became effective between ESMA and the CFTC in relation to EMIR. This MoU founded the cooperation agreements regarding recognised Central Counterparties (CCPs) that are:
- established in the US;
- authorised or recognised by the CFTC;and
- which have applied for EU recognition under EMIR.
>> More EMIR News & Updates<<
News & Views
Read our latest articles, news and views affecting compliance and regulation in the UK Financial Services Industry.
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Summary: EMIR Clearing Obligations
The European Market Infrastructure Regulation requires certain classes of OTC derivatives to be cleared through a recognised central counterparty (a CCP).
EMIR imposes requirements on all types and sizes of firms that enter into any form of derivative contract. This includes those not involved in financial services to risk manage and report their derivative positions.
It also applies indirectly to non-EU firms that trade with EU firms. T
In EMIR, all derivatives contracts which are not executed on a regulated market are considered ‘OTC derivatives’.