This category contains 280 posts

European Commission proposes rules simplification

The past years have seen many regulatory initiatives being rolled out globally and in the EU. These include several financial regulatory regimes which have each been implemented within a relatively short space of time. Although each regime has different objectives, there are often overlaps and inconsistencies between them. This applies for example to the data … Continue reading

New EMIR Trade Repository

ESMA has approved NEX Abide Financial’s application to run an EMIR Trade Repository. The notice from ESMA can be found here. This takes the number of approved TRs to 8, and follows the changing of formats introduced on 1st November (see here). Earlier this year the European Commission issued a legislative proposal specifying intended changes … Continue reading

EMIR Q+A Updated

ESMA has updated the questions and answers document related to EMIR, which can be found here. The new version of the document makes some updates to the sections on trade reporting, mostly to bring them in line with the new reporting formats that have been in use since 1st November (see here). ESMA has recently … Continue reading

ISDA and ECB publish comments on the EMIR review

Both ISDA and the ECB have recently published comments on the legislative proposal issued by the European Commission earlier this year (see here) which aims to change the level 1 text of EMIR.  The proposal includes issues relating to Non Financial Counterparties, in particular: “Compulsory” delegated reporting when certain Non Financial Counterparties (NFC) trade bilaterally … Continue reading

The new EMIR RTS goes into effect

The new EMIR Regulatory Technical Standard will officially go into effect tomorrow, on the 1st November 2017. However, many Trade Repositories have implemented the new formats slightly earlier (see here). The new RTS sees some significant changes to the reporting formats, including the addition of may new fields, and also changes in validations (see here) … Continue reading

Merrill Lynch fined £34.5m for failing to report ETDs under EMIR

It has been announced today that Merrill Lynch International has been fined £34,524,000 by the UK’s Financial Conduct Authority (FCA) for failing to report Exchange Traded Derivative (ETD) transactions under EMIR from 12 February 2014 to 6 February 2016. The fine relates to 68.5 million transactions and has been discounted due to early settlement. This is the … Continue reading

Progress on EU-US recognition

The European Commission and the CFTC moved closer to mutual recognition of rules, following a meeting held last week. The movement has been on two fronts: Trading platform recognition, which when finalised will simplifying cross jurisdiction trading. The aim is to have recognition  in place in time for MiFID II. An equivalence decision on the … Continue reading

Europex comments on the EMIR review

Europex has issued this set of comments on the legislative proposal issued by the European Commission earlier this year (see here) as part of the EMIR review. The proposal contains several key changes to EMIR, several of which will have a significant impact on “non financial” energy and commodity companies when they take effect. These … Continue reading

Updated validations for the new EMIR RTS

Last week ESMA updated the validations document to be used as part of the upcoming changes to EMIR. The updated document can be found here. The changes relate to the collateral fields, and the “level” field. The new EMIR RTS takes effect from 1st November 2017 (see here).  

LEI issues under EMIR and MiFID II

Both the updated reporting requirements under EMIR (see here) and MiFID II will require transactions to be reported, using the Legal Entity Identifier (LEI) to specify the parties to a trade. This week, ESMA issued this briefing note reminding market participants of their obligation to obtain LEIs. Under MiFIR, transaction reports made by Investment Firms … Continue reading