True or false?

Nonsense no. 1

A system vendor recently said that they are EMIR-ready because they amended their static data section so that clients can capture the LEI. He also said that as per today it is unclear, which fields will have to be reported to the Trade Repository. Sorry guys, this has been clarified long time ago by ESMA, including field lengths, descriptions, etc. - Google might help.

Nonsense no. 2

Bank to client: 'No worries, you are not affected by EMIR'. If a bank says 'No worries', then worry. And run.

Nonsense no. 3

Bank to client: 'No worries, we will take care of your reporting'. See nonsense no. 2

Nonsense no. 4

'Internal trades will be excluded from the reporting liability'. As per today, there is absolutely no evidence that this could be the case. On the contrary, it has been confirmed just recently that internal trades will have to be reported.

Nonsense no. 5

'EMIR will be changed'. As long as you don't hear such a statement from a reliable source in Brussels, just ignore it.