This section provides a collection of useful websites related to EMIR. We regularly screen web contents and make them available to our audience.
Agreement on new European rules to regulate Financial Derivatives (EMIR) - Frequently Asked Questions.
Letter from ESMA to the EC seeking clarification regarding - amongst other topics - the delineation between FX spot and fx forward transactions. Link to Letter to Commissioner Barnier on classification of financial instruments as derivatives.
Response letter from the European Commission, published by ESMA on March 20, 2014. Link to EC's response on classification of financial instruments.
The European system set up for the supervision of the financial sector is made of three supervisory authorities: the European Securities and Markets Authorities (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA). The system also comprises the European Systemic Risk Board (ESRB) as well as the Joint Committee of the European Supervisory Authorities and the national supervisory authorities.
Whilst the national supervisory authorities remain in charge of supervising individual financial institutions, the objective of the European supervisory authorities is to improve the functioning of the internal market by ensuring appropriate, efficient and harmonised European regulation and supervision.
ESMA - European Securities and Markets Authority - EU supervisory body for EMIR compliance
ESMA is an independent EU Authority that contributes to safeguarding the stability of the European Union's financial system by ensuring the integrity, transparency, efficiency and orderly functioning of securities markets, as well as enhancing investor protection. In particular, ESMA fosters supervisory convergence both amongst securities regulators, and across financial sectors, by working closely with the other European Supervisory Authorities competent in the field of banking (EBA), and insurance and occupational pensions (EIOPA).
Final Report on September 27, 2012, on Draft technical standards under the Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC Derivatives, CCPs and Trade Repositories.
Latest Q & A document related to EMIR, updated by ESMA on June 23, 2014. The purpose of this Q & A document is to promote common supervisory approaches and practices in the application of EMIR. It provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of EMIR. Updates are expected over time.
The European Banking Authority (EBA) is an independent EU Authority which works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector.
The main task of the EBA is to contribute to the creation of the European Single Rulebook in banking whose objective is to provide a single set of harmonised prudential rules for financial institutions throughout the EU. The Authority also plays an important role in promoting convergence of supervisory practices and is mandated to assess risks and vulnerabilities in the EU banking sector.
EIOPA is part of the European System of Financial Supervision consisting of three European Supervisory Authorities and the European Systemic Risk Board. It is an independent advisory body to the European Parliament and the Council of the European Union.
EIOPA’s core responsibilities are to support the stability of the financial system, transparency of markets and financial products as well as the protection of insurance policyholders, pension scheme members and beneficiaries. EIOPA is based in Frankfurt am Main, Germany.
The Agency for the Cooperation of Energy Regulators, a European Union Agency, was created by the Third Energy Package to further progress on the completion of the internal energy market both for electricity and for natural gas.
ACER was officially launched in March 2011 and is seated in Ljubljana, Slovenia.
As an independent European structure which fosters cooperation among European energy regulators, ACER ensures that market integration and harmonisation of regulatory frameworks are done in respect of EU’s energy policy objectives.
European Legislative Library
This is "EMIR", the European Regulation setting out the legislative framework and standards for regulating OTC derivatives, central counterparties and trade repositories
Find here the supporting Regulatory Technical Standards (RTS) as separate documents:
Reporting to Trade Repositories: Regulatory Technical Standards (RTS) on the minimum details of the data to be reported to trade repositories.
OTC Derivatives: Regulatory Technical Standards (RTS) on indirect clearing arrangements, the clearing obligation, the public register, access to a trading venue, non-financial counterparties, and risk mitigation techniques for OTC derivatives contracts not cleared by a CCP.
Requirements for Trade Repositories: Regulatory Technical Standards (RTS) on how to apply for registration as a trade repository.
Requirements for Trade Repositories: Regulatory Technical Standards (RTS) specifying the data to be published and made available by trade repositories and operational standards for aggregating, comparing and accessing the data.
Requirements for Central Counterparties: Regulatory Technical Standards (RTS) on capital requirements for central counterparties.
Requirements for Central Counterparties: Regulatory Technical Standards (RTS) for central counterparties.
Find here the supporting Implementing Technical Standards (ITS):
Reporting to Trade Repositories: Implementing Technical Standards (ITS) on the format and frequency of trade reports to trade repositories.
Requirements for Trade Repositories: Implementing Technical Standards (ITS) on the format of applications for registration of trade repositories.
Requirements for Central Counterparties: Implementing Technical Standards (ITS) regarding the format of the records to be maintained by central counterparties.
Other EU regulations related to EMIR:
Guidance on the types of derivative covered by EMIR, set out in points (4) to (10) of Section C of Annex I of the Markets and Financial Instruments Directive (MiFID) as implemented by articles 38 and 39 of Regulation 1287/2006.
National Authorities for EMIR Compliance
The FMA is an independent, autonomous and integrated supervisory authority for the Austrian financial market, established as an institution under public law.
EMIR related information is found here.
BaFin brings together under one roof the supervision of banks and financial services providers, insurance undertakings and securities trading. It is an autonomous public-law institution and is subject to the legal and technical oversight of the Federal Ministry of Finance.
EMIR related information is found here.
FCA was formerly known as FSA, which has now become two separate regulatory authorities, i.e. the Financial Conduct Authority and the Prudential Regulation Authority.
EMIR related information is found here.
Trade Repositories (TR)
On November 7, 2013, following trade repositories have been appointed by ESMA:
DTCC Data Repository Ltd applied for approval as a Trade Repository under ESMA on March 15, 2013. DTCC GTR Services delivers to market participants an automated regulatory reporting solution both OTC Derivatives and Exchange Traded Derivatives (ETD) for both cleared and uncleared contracts.
On May 2, 2013 KDPW applied for registration of a Trade Repository with ESMA for purposes related to the reporting of details of concluded derivative contracts in accordance with the obligation imposed by the provisions of the EU Regulation EMIR.
In April 2013, REGIS-TR submitted an application to ESMA for registration as a Trade Repository for all asset classes according to EMIR. REGIS-TR claim they will benefit from the full guarantee of being accepted by ESMA.
In April 2013, London Stock Exchange Group has applied to ESMA for UnaVista to be a trade repository across all asset classes for both exchange traded derivatives and OTC derivatives.
On November 28, 2013, following further trade repositories have been appointed by ESMA:
ISDA is an active participant in discussions with European legislators regarding the proposal for European Market Infrastructure Regulation (EMIR). ISDA supports a resilient and efficient market infrastructure that will serve to reduce risk via clearing, increased use of trade repositories and sound bilateral risk management processes.
ISDA 2013 EMIR NFC Representation Protocol enables parties to amend the terms of their ISDA Master Agreements to reflect certain know-your-counterparty requirements, and the consequences of transacting on the basis of an incorrect classification, imposed by Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR).
ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol enables parties to amend the terms of their Protocol Covered Agreements to reflect the portfolio reconciliation and dispute resolution requirements imposed by EMIR as well as to include a disclosure waiver to help ensure parties can meet the various reporting and record keeping requirements under EMIR without breaching confidentiality restrictions that they may be under.
FpML (Financial products Markup Language). ISDA's FpML® is the open source XML standard for the electronic dealing and processing of OTC derivatives. It establishes a protocol for sharing information electronically on, and dealing in swaps, derivatives and structured products.
The Association of Corporate Treasurers (ACT) sets the benchmark for international treasury excellence. As the chartered body for treasury, ACT leads the profession through the internationally recognised suite of treasury qualifications, by defining standards and championing continuing professional development.
The European Association of CCP Clearing Houses (EACH), was founded in 1992, which represents central counterparty clearing houses – or CCPs- in Europe. The membership is open to CCPs based in the European Union and in other European countries.
EFAMA is the representative association for the European investment management industry.
EFAMA’s Reply to ESMA’s Consultation Paper on Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories (EMIR).
The FSB has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. It brings together national authorities responsible for financial stability in significant international financial centers, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.
The ROC is a committee of authorities from around the world working to coordinate and oversee a global system of legal entity identification. The Legal Entity Identifier (LEI) is a 20-digit, alpha-numeric code that connects to key reference information that enables clear and unique identification of companies participating in global financial markets.
A list of all sponsored and endorsed pre-LOU's can be found on LEI ROC's website here.
The global LEI (Legal Entity Identifier) system is not in place yet. However, an interim system is currently assigning pre-LEI. WM Datenservice is one of the service providers, assigning the GEI (General Entity Identifier) via their registration portal www.geiportal.org. The structure of the GEI follows the recommendations of the international Financial Stability Board (FSB) and guidelines of the global LEI system.