EMIR — reporting to start in February
The European Market Infrastructure Regulation (EMIR), which came into force on 16 August 2012, introduces new requirements to reduce the risks associated with the derivatives market and thus improve transparency. In this regard, it provides, inter alia, for a reporting obligation of all derivatives to a trade repository.
The European Securities and Markets Authority (ESMA) approved the registration of six trade repositories so far and, according to article 5 of the Commission Implementing Regulation no 1247/2012, the reporting for all asset classes underlying derivatives (such as commodities, credit, foreign exchange and equity interest rates) shall start 90 days after the effective date of first registration(s), i.e. on 12 February 2014.
Thus, all financial and non-financial counterparties being a party to any derivative contract (including OTC derivative contracts and exchange-traded contracts) will be required to ensure that the details of these contracts as well as any modification or termination thereof are reported to a registered trade repository…
Click on the link below to read the rest of the Wildgen briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.