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EMIR

This category contains 297 posts

We’re back – FCA research note into EMIR FC thresholds

We are back after a short break for the summer. Last week, the UK’s Financial Conduct Authority published this research note into the thresholds used in EMIR for Financial Counterparties (FC) for two purposes: The threshold used to determine when smaller FCs need to start mandatory clearing. The threshold used for the start of the … Continue reading

Updated EMIR validations

ESMA has updated the spreadsheet that defines that validations used for EMIR reporting. The updated sheet can be found here. The changes will apply from 5th November. The following fields have been changed: Reporting timestamp  (1.1) Reporting Counterparty ID (1.2) ID of the other counterparty (1.4) (i.e. the other party) Underlying identification (2.8) Confirmation means … Continue reading

EMIR: New Q+A and movement in REFIT

Updated EMIR Questions and Answers document ESMA yesterday released this updated version of the questions and answer document relating to EMIR. The key answer of interest is TR 40 on page 96, which provides updated answers on how to handle a change of LEI (Legal Entity Identifier) on an entity. The scenarios on page 107 … Continue reading

LEI use – speech by ESMA

Yesterday Verena Ross, ESMA Executive Director gave this speech on the use of Legal Entity Identifiers(LEI), in particular with reference to MiFID II. This follows the announcement last week that LEIs must be used for all reporting from 3rd July, the 6 month anniversary of the start of MiFID II, following an initial extension (see here). … Continue reading

EMIR changes agreed and news about penalties

The European Parliament has agreed in a plenary session to the proposed changes  to EMIR as part of the REFIT process, passed by the ECON committee a few weeks ago (see here). The agreed document will be used to represent the stance of the Parliament in the “Trialogue” process in the coming weeks. The press … Continue reading

Possible ACER change in authority, ESMA speech, and a course

The European Council yesterday agreed its position to update and increase the role of the Agency for the Coordination of Energy Regulators (ACER), who are, amongst other things, responsible for many parts of REMIT, including data collection and cross market monitoring, as well as other areas such as network codes. The press release from the … Continue reading

Updated EMIR Q+A – with updated reporting answers

ESMA has today published an updated Questions and Answers document on EMIR, which can be found here. The updated answers include several on the reporting of derivatives trades, which will be of note to those in energy and commodities. These include: TR 12 c (page 82) – On reporting maturity dates that are not working … Continue reading

ECON committee agrees EMIR changes

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) last week voted to agree to the proposed changes to EMIR as part of the REFIT programme (see here). The press release can be found here. The changes agreed include: Transactions between internal entities, where either entity is a Non Financial Counterparty (NFC) are no longer … Continue reading

EMIR Review to be discussed in ECON tomorrow

The ECON committee of the European Parliament meets tomorrow, and will discuss the changes proposed as part of the EMIR review as part of the agenda, which can be found here.  The proposed changes in the EMIR Review include at a high level: Trades between internal counterparties not to be reportable where a non financial … Continue reading

IOSCO document on reporting data elements

IOSCO and the Bank of International Settlements have issued this document entitled “Harmonisation of critical OTC derivatives data elements (other than UTI and UPI)”. It looks at the data elements used to report derivatives under rule sets such as EMIR or the Dodd Frank Act, and proposes a standard format for the data elements typically … Continue reading