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EMIR

This category contains 326 posts

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” … Continue reading

EMIR REFIT part 2 goes live

Last week, on 17th June, the next stage of the EMIR “REFIT” programme came into effect (see here for the original post). This was the requirement that Financial Counterparties (FC) who enter into transactions with Non Financial Counterparties under the Clearing Threshold (NFC-) report both sides of the trade unless the NFC- opts out (a … Continue reading

New book available

A new book by Aviv Handler on the rules covered by this blog  is now available from the publisher, Risk Books. The book is titled “Navigating European Energy and Commodity Markets Regulation” and can be ordered from here.

Blog restart – EMIR REFIT Q+A

This blog is restarting today after a few weeks’ absence due to personal circumstances. Over the coming days “catch up” posts will be published, as well as a special announcement tomorrow. In the meantime, last week ESMA published an updated Questions and Answers document on EMIR which can be found here. This version adds TR … Continue reading

Covid delay requested for next stage of EMIR REFIT

EMIR REFIT made some significant changes to several parts of EMIR last June, including changes to the calculation of the EMIR clearing threshold and the availability of an exemption from reporting of trades between non financial internal entities (see here). This coming 18 June 2020, the next part of REFIT that applies to Non-Financial Counterparties … Continue reading

Covid 19 updates – delays and notices

It comes as no surprise that there have been many announcements relating to the impact of Covid 19 since our last update here. These include: Temporary changes and a “softening” of the UK Senior Managers and Certifications Regime(SM&CR), as announced by the FCA here and discussed on the FT Advisory site here. An extension to … Continue reading

ESMA opens EMIR consultations

ESMA opened two consultations relating to EMIR last week: Technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT (here). Report on post trade risk reduction services with regards to the clearing obligation (here). The first consultation document covers a wide variety of topics relating to data reporting. These … Continue reading

ESMA report – Coal and oil derivatives/C6

Earlier this week, ESMA published this report, which was submitted to the European Commission a few weeks ago. It provides a recommendation as to whether to extend the exemption for “C6 energy derivatives” from 4 January 2021. A “C6 energy derivative” in this context is a coal or oil derivative that must be physically settled … Continue reading

EMIR reporting best practices spreadsheet – and a reporting article

ISDA this week issued this spreadsheet relating to EMIR reporting. It is a version of the EMIR “validations spreadsheet” with added columns for many of the fields, that provide best practice notes on how they should be filled. The spreadsheet was produced by several industry associations, including ISDA, EFAMA, EVIA, FIA, BVI, GFXD and IA. … Continue reading

6 years of EMIR reporting

It is 6 years today since EMIR reporting started, on the 12th February 2014. The initial post from that day can be found here. Interestingly, for those in the energy industry, the start date also coincided with the eWorld fair. Since then there have been several changes to the reporting formats, initially through “validation” updates … Continue reading