EMIR reporting requirements — what you need to know
The final measures of the European Market Infrastructure Regulation (EMIR) came into force on 12 February 2014. All entities that enter into any derivative contract in the EU will be affected by EMIR, which was directly applicable in all member states.
EMIR was introduced in light of the financial collapse in 2008. Many blamed the collapse on the lack of transparency in the over-the-counter (OTC) derivatives market and how the risk in this area was managed. EMIR covers three primary areas: reporting; clearing through a central counterparty; and risk mitigation.
All entities incorporated in the EU and that enter into derivative contracts come within the scope of EMIR. EMIR essentially applies to central counterparties (CCPs), trade repositories (TRs) and all counterparties who enter into derivative trades that are categorised into financial counterparties and non-financial counterparties (NFC). Financial counterparty is a very broad definition under article 2(8) of EMIR, with the following being caught within the definition…
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…and recommendations for their management companies.
During the transition period all private limited companies must convert to a particular company type.