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ARTICLE · 24 SEPTEMBER 2013

EMIR: Implementation Of Portfolio Reconciliation And Dispute Resolution Requirements, August 2013

Arthur Cox
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On 15 September 2013, the portfolio reconciliation and dispute resolution requirements of Regulation No 648/2012 and its supplemental regulations will become operative.

IrelandFinance and Banking
Aiden Small
Aiden Small
Phil Cody
Phil Cody
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On 15 September 2013, the portfolio reconciliation and dispute resolution requirements of Regulation (EU) No 648/2012 and its supplemental regulations (collectively, "EMIR") will become operative. Parties to OTC derivatives will be required to amend their documentation to comply with these requirements.

What changes are required?

Generally, OTC derivatives documentation will be required to address each of the following:

Portfolio Reconciliation

Financial Counterparties ("FCs") and Non-Financial Counterparties ("NFCs") will be required to agree in writing, with each of their counterparties, means by which portfolios of uncleared OTC derivative contracts are to be reconciled. The reconciliation must cover key trade terms and the valuation attributed to each contract. Portfolio reconciliation must be performed at a specified frequency depending on the number of OTC derivative contracts outstanding between the parties.

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