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EMIR

Updated EMIR Q+A – reporting deadlines

ESMA yesterday published an updated version of the EMIR Questions and Answers document, which can be found here. The updated question is TR11b on page 85 and relates to the reporting deadline under EMIR Article 9, which is defined as being by the end of the “next working day”.

The answer states that “working day” is defined as the one where the counterparty is located. Thus, if two counterparties who trade bilaterally are in different member states, they would have different reporting deadlines.

It should be noted that in general under EMIR, delegation of reporting responsibility is not permitted. As a result, if a counterparty in one country delegates reporting to one in another, it is not clear whose “working day” is taken into consideration. EMIR REFIT recently introduced an exemption to the “delegation of responsibility” rule when an NFC- trades with an FC (see here).

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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