On June 4, 2013, ESMA published the second edition of its Q & A document from March 2013 which provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of EMIR. Certainly a very useful and widely appreciated document. The following areas are covered in detail with regard to both financial and non-financial counterparties (corporations) and their reporting obligations:
- Reporting of outstanding positions following the entry into force of EMIR (backloading)
- Reporting to Trade Repositories / avoidance of duplication / delegation
- Interim Legal Entity Identifier (LEI)
- More clarity regarding transaction scenarios (e.g. A trades with B, B trades with C, etc.)
Questions & Answers document related to EMIR, published by ESMA on June 4, 2013. Update of the first Q&A document published by ESMA on March 20, 2013.