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EMIR

FCA Supervisory Priorities for EMIR in 2015

The UK’s Financial Conduct Authority have updated their page which outlines the supervisory priorities for EMIR, now covering 2015. The page can be found here.

Of particular note:

  • A focus on ensuring that trade reporting is running correctly. In particular LEIs must be used.
  • Threshold calculation for non financial counterparties will be scrutinised.
  • Compliance with the requirements for portfolio reconciliation and compression.

The message is that the work must continue to get everything correct. There remains work to be done, particularly with trade reporting, and the results of the current ESMA consultation on trade reporting will need to be digested and implemented without delay.

Those in the energy who must comply with REMIT will have plenty of work to do next year in the area of data reporting. Although many of the deadlines are in the second half of the year, January would be a good time to ramp up efforts.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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