Luxembourg newsflash: EMIR — start of the reporting obligation in February 2014
On 7 November 2013, the European Securities and Markets Authority (ESMA) approved the registration of the first four trade repositories under Regulation (EU) No 648/2012 of the European Parliament and the Council of 4 July 2012 on over-the-counter (OTC) derivatives, central counterparties and trade repositories (European Market Infrastructure Regulation or EMIR).
EMIR sets out clearing and bilateral risk-management requirements for OTC derivative contracts as well as reporting requirements for all derivative contracts. EMIR entered into force on 16 August 2012.
Following the entry into force of some risk mitigation techniques on 15 March 2013 and 15 September 2013, such as timely confirmation, portfolio reconciliation, portfolio compression and dispute resolution, the second obligation under EMIR, i.e. the reporting obligation, will start in February 2014…
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