In a battle between FINMA and ESMA for very interesting decisions, FINMA is currently in the lead.
While most of the Swiss corporates have already started to get ready for the reporting obligation under FinfraG, FINMA has decided to postpone the start of the reporting obligation to January 1, 2019.
Good news for those not having done anything yet, bad news for those who did (which to our knowledge is the majority of Swiss corporates).
While we are extremely busy helping our clients with the EMIR II onboarding, we have been able to sign a few more FinfraG and EMIR clients recently, among them another large Swiss insurance company as well as a very large German corporate.
On August 24, 2017, ESMA has released a guidline clarifying all questions regarding the transfer of data beweteen repositories in case e.g. a client wishes to move to another trade repository.
If you consider switching to a dedicated service provider and want to benefit from REGIS-TR's service, you are alyways more than welcome. The time is now. We will definitely make sure that you will be able to report correctly also after October 28, 2017.
One of the most frequently asked questions recently has been whether we are able to convert an EMIR-compatible report format into a format that could be used for FinfraG reporting.
The answer is simple. We can. According to our analyis there is just one additional field (type of collateral) which could, if even applicable, be populated with default values or values related to an e.g. master agreement.
The second difference is that under FinfraG for FX instruments also the value in the second currency has to be reported, which can be easily calculated by using the first notional value and the respective e.g. forward rate.
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