EMIR – Reporting To Start Now In February

EMIR Regulation* that came into force on 16 August 2012 introduces new requirements to reduce the risks associated with the derivates market and thus improve transparency. In this regard, it provides, inter alia, for a reporting obligation of all derivates to a trade repository.

The European Securities and Markets Authority (ESMA) approved the registration of six trade repositories so far, and according to article 5 of the Commission Implementing Regulation no 1247/2012, the reporting for all asset classes underlying derivatives (such as commodities, credit, foreign exchange and equity interest rates) shall start 90 days after the effective date of first registration(s), i.e. on 12 February 2014.