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EMIR compliance management: use an application to simplify the whole process

On 15th March, the technical standards supplementing the European Markets Infrastructure Regulation (EMIR) entered into force and affect most corporate treasury departments. According to the European Securities and Markets Authorities (ESMA), the main obligations under EMIR are:

  • central clearing for certain classes of over-the-counter (OTC) derivatives.
  • application of risk mitigation techniques for non-centrally cleared OTC derivatives.
  • reporting to trade repositories.
  • application of organisational, conduct of business and prudential requirements for central counterparties (CCPs).
  • application of requirements for Trade repositories, including the duty to make certain data available to the public and relevant authorities.

These compliance obligations can be grouped into three categories:

  • reporting – applies to all corporates engaged in the derivatives business
  • central clearing – applies if the corporate exceeds the clearing threshold
  • risk mitigation– applies to those derivative classes not subject to the clearing obligation.

Managing the EMIR requirements will only grow and get more complex.

Impendium's EMIR Reporting Application
Impendium developed a general platform, called Impendium Elements, for managing regulation and compliance for banks and other Fis, and for large energy companies. The applications cover several regulations, including EMIR, MiFID, COREP and Solvency II in which they enable the collection of data from across your firms' operations, normalise it and report to the regulatory authorities. They collate data, identify missing fields and provide workflow tools to enable your staff in all affected departments to validate and complete the required data and submit trade reports and unconfirmed transaction reports on time.

The Elements platform from Impendium

Source & Copyright©2013 -  Impendium


Already banks and oil companies use Impendium's platform for ensuring regulatory reporting and compliance in several areas because it has become too complicated and difficult for them to be sure they are compliant with the latest regulations. If you have a large complex European treasury operation which needs to comply with EMIR, it might be a lot easier if you used a platform such as Imperium's Elements. The one thing for sure in EMIR compliance is that it is going to get more complex and there will be many more changes in the regulations.
 

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