On 4 May 2017, the European Commission released its proposal for the review of the European Market Infrastructure Regulation (EMIR). Following an assessment in its Regulatory Fitness and Performance programme (REFIT), the Commission concluded that EMIR performs well in regulating the OTC derivatives market. The proposed amendments are targeted adjustment to increase proportionality and efficiency for a more growth-friendly regulatory environment.
The reporting rules change for non-financial counterparties (NFCs), exchange-traded derivatives, UCITS and historic transactions (backloading). Trade repositories will be required to check the completeness and the accuracy of reported data, establish procedures for reconciling data and orderly transferring data to another trade repository. Furthermore, the rules for clearing, CCP transparency, risk mitigation and supervision of trade repositories are changing.
The proposal will now be tabled in the European Parliament and the Council for adoption. Click here to watch our video on EMIR reporting!
Category: Group News
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