The European Securities and Markets Authority (ESMA) has updated its question and answers (Q&As) on the Implementation of the Regulation (EU) No 648/2012 on OTC derivatives central counterparties and trade repositories (EMIR). The updates relate to:
OTC Questions
· The responsibility of the Financial Counterparties vis-à-vis its non-Financial Counterparties (assessing whether they are above or below the clearing threshold) - Qn 4
· Intragroup transactions – Qn 6
· Public register – Qn 7
· Reporting of unconfirmed trades for more than 5 business days – Qn 8
· Notional amounts – Qn 9
· Risk mitigation techniques for OTC derivative contracts not cleared by a CCP – Qn 12
CCP Questions
· Most relevant currencies for the determination of participation in a college – Qn 1
· requirements and recording of client assets – Qn 2
· Review of models, stress-testing and back-testing – Qn 5
· Segregation and portability – Qn 8
Trade repository Questions – including trade reporting
· Trade repository registration – Qn 2
· Reporting of outstanding positions following the entry into force of EMIR (Backloading) – Qn 4
· Reporting to Trade Repositories: cleared trades – Qn 6
· Reporting to Trade Repositories: Buy/Sell indicator for swaps – Qn 24
New Q&As in this section:
· Reporting to Trade Repositories: Underlying field 9 of EMIR 20 March 2014 – Qn 28
· Reporting to Trade Repositories: Field 15 for NFC 9 of EMIR 20 March 2014 – Qn 29
· Reporting to Trade Repositories: MIC codes 9 of EMIR 20 March 2014 – Qn 30
· Reporting to Trade Repositories: Exchange rate 9 of EMIR 20 March 2014 – Qn 31
Related link:
http://www.esma.europa.eu/system/files/2014-297_qa_vii_on_emir_implementation_20_march_14.pdf