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A global network of independent professional services firms
The European Market Infrastructure Regulation (EMIR) establishes a comprehensive framework for the reduction of risk in the financial system and to increase transparency in the derivatives market. The reporting obligation of EMIR requires all entities that enter into derivative contracts must report the details of such contracts to a registered trade repository.
When Did the Reporting Requirement Come Into Force and Who Does It Apply To?
The reporting requirements under EMIR came into effect on February 12, 2014. These obligations apply to all counterparties involved in derivatives contracts, which includes both Over-The-Counter (OTC) and exchange-traded derivatives. This encompasses financial counterparties (FCs) and non-financial counterparties (NFCs), with some exceptions.
Under EMIR, the following must be reported:
How Often Is It Reportable and What Are the Deadlines to Report?
New trades & Lifecycle events must be reported without delay, the next business day of execution.
Where Do You Submit the Reports?
Reports must be submitted to trade repositories (TRs) that are registered and authorized by the European Securities and Markets Authority (ESMA).
In What Format Is EMIR Reportable?
The reporting must adhere to specific formats and standards, primarily using ISO 20022 XML for data submission.
Finmatek provides comprehensive support for EMIR reporting, designed to help financial institutions comply with regulatory requirements efficiently and effectively.