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EMIR

This category contains 313 posts

Updated EMIR Q+A

Yesterday ESMA issued an updated version of the EMIR Questions and Answers document, which can be found here. There are several updates, some of which relate to the consequences of “REFIT” (see here). These are: OTC 2h (page 17) – Deals with entities that start to trade derivatives and by when they must calculate the … Continue reading

FIA position paper on ETD reporting under EMIR

The Futures Industry Association has issued this paper on the topic of reporting Exchange Traded Derivatives (ETD) under EMIR. The paper proposes some changes to simplify position reporting of ETDs. Unlike other reporting regimes around the world, EMIR requires that ETDs be reported by market participants. Many of those who report prefer to do so … Continue reading

EMIR REFIT – Updates

This blog is back after a short break. Last week, ESMA published an updated Questions and Answers (Q+A) document, as well as a letter around REFIT (see here). The updated Q+A, which can be found here, has two new answers: OTC 3 (Page 18) – Relates to the calculation of the clearing threshold under the … Continue reading

EMIR update – REFIT published and new Q+A

EMIR “REFIT”, which introduces some significant changes to the way in which EMIR is complied with, has finally been published in the Official Journal of the European Union.  The document can be found here. REFIT introduces changes that have an impact on those in energy and commodities, including: Changes to the way in which the … Continue reading

EMIR REFIT – Threshold changes to apply on publication

The EMIR REFIT process has almost completed its journey so that it can be published in the Official Journal of the European Union (see here) The REFIT process aims to reform EMIR, and includes several changes that have an impact on those in energy and commodities, in particular those who are Non Financial Counterparties (NFC)  … Continue reading

UBS fined £27.6m for transaction reporting failures

The UK’s Financial Conduct Authority has fined UBS AG 27.6 million pounds sterling for transaction reporting infringements under MiFID I. The penalty notice can be found here. The fine relates to issues with  135.8 million transaction reports between November 2007 and May 2017. These can be divided into: Missing reports Incorrect reports Reports that were … Continue reading

EMIR updated Q+A, REFIT update and Central Bank of Ireland statement

EMIR Trade Reporting ESMA has issued an updated version of the Questions and Answers document on EMIR trade reporting, which can be found here. It contains several updated answers, some of which will be of interest to energy and commodity market participants: TR Question 34 (page 93) – Adds a method to report such contracts  … Continue reading

ESMA issues statement around EMIR REFIT and upcoming deadlines

ESMA has today issued this statement, around the issues raised by the EMIR “REFIT” programme not yet being published in the Official Journal of the European Union, and therefore note starting. In particular, the statement addresses the issue of the looming final backloading deadline on 12th February 2019, and also the potential start of the … Continue reading

Brexit update – plenty more guidance in the face of uncertainty

The political side of Brexit has seen plenty of news over the last two weeks, and this is set to continue, with another vote in the UK Parliament tomorrow (see here on the BBC web site for example). Since our last post here, there have also been some regulatory developments on the financial,energy and commodity … Continue reading

Report on Nordic power market default

A report has been published by Finanstilsynet, the Norwegian National Competent Authority, on the issues that contributed to a large default that took place last September 2018 on the Nordic power market (see here). The report identifies issues with the exchange operator who, according to this report on Reuters, relied too heavily on resources in … Continue reading