The European Markets Infrastructure Regulation (EMIR) is a tricky piece of legislation to get your head around. Luckily, the European Securities and Markets Authority (ESMA) has now offered some clarity.
The EU’s securities markets regulator has updated its Questions and Answers document on practical questions regarding data reporting issues, under EMIR.
The newly added Trade Repository Q&A 54 provides clarifications on reporting of OTC derivatives by a financial counterparty on behalf of a non-financial counterparty below clearing threshold under EMIR Refit.
The clarifications include what the reportable details that the non-financial counterparty should provide to the financial counterparty are, how the financial counterparty should proceed if the non-financial counterparty does not renew its LEI, how the financial counterparty should proceed if an non-financial counterparty that has been classified as an non-financial counterparty changes its status to non-financial counterparty and fails to timely inform the financial counterparty of this fact, and how the financial counterparty and non-financial counterparty should proceed if they report to two different trade repositories.
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