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EMIR reporting progress - still uncertain outlook

SEPA postponement last week was just one regulatory uncertainty for corporate treasurers, another has emerged: EMIR reporting - backloading transactions, which were contracted before12.2.2014.

The EMIRate newsletter queries, whether Backloading for transactions already outstanding on 12.2.2014 need to be completed by 12.2.2014:

  • Until now, market players have been assuming on the basis of the relevant legislation and the Q&A documents published by ESMA that transactions which were concluded before the reporting obligation comes into force (12.2.2014) would have to be reported either within three years or 90 days, depending on whether they were entered into before or after 16.8.2012, respectively.
  • Risk.net talked to spokesman for ESMA says it will not: "The 90-day delay envisaged in the implementing of technical standards was only applicable to trades that were outstanding on August 16, 2012 and are still outstanding on the reporting start date. There is no delay foreseen in the regulations for trades that were executed after August 16, 2012 and are still outstanding on February 12, 2014."
  • So there are three possible scenarios with regard to backloading, whereby only two are clearly regulated.

EMIRate newsletter also reports that:

  • For corporates that also report their own trades with external counter-parties, this means that they will have to have received UTIs for these transactions from the counter-parties by no later than 11.2.2014. No ‘agreed UTI’ will be needed for trades, which expire or are closed out before 12.2.2014, with an internal trade reference code being sufficient.
  • EMIRate customers have the option of starting to backload trades from the last week of January, as soon as the live environment is made available by REGIS-TR, and will therefore be able to meet this annoying deadline in good time.

For other helpful advice on EMIR:


The EMIR nightmare is not over yet either.

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