ABOUT THE DOCUMENT
On 4 July 2012, EMIR (European Market Infrastructure Regulation) – Directive (EU) No. 648/2012 of the European Parliament and of the Council on OTC derivatives, central counter parties, and trade repositories entered into force.
PERSONS TO WHICH EMIR APPLIES
Financial and non-financial institutions regardless of their place of registration, either in or outside EU. EMIR also applies to OTC transactions concluded between two non-residents of the EU, if the transaction concluded significantly affects the EU market.
DUTIES OF MARKET PARTICIPANTS
- Reporting about transactions:
- Provision of information regarding the concluded OTC transactions involving derivative financial instruments to trade repositories. The list of trade repositories approved by the European Securities and Markets Authority (ESMA): Registered Trade Repositories
- Information regarding transactions must be provided within one business day following the day on which the transaction has been concluded or the conditions of the transaction have been changed.
- Information must be provided by both counter parties of the transaction; however, it is allowed for one party to authorise the other party to provide information on behalf of both parties.
- Upon providing information to the repository, the counter parties must indicate special identification numbers – pre-LEI (Legal Entity Identifier), which the parties may receive from the authorised registrars. The current list of registrars is provided here
- Taking measures for reducing risks
- timely confirmation of transactions
- procedure for settlement of disputes
More information on EMIR is available on the ESMA site.
Login to Internet Banking