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.