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ARTICLE · 07 NOVEMBER 2013

EMIR Obligations Enter Into Force

Mason Hayes & Curran LLP
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On 15 September 2013, the second set of obligations arising from the introduction of the European Market Infrastructure Regulation "EMIR" came into force.

IrelandFinance and Banking
Fionán Breathnach
Fionán Breathnach
Mark Browne
Mark Browne
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On 15 September 2013, the second set of obligations arising from the introduction of the European Market Infrastructure Regulation "EMIR" came into force.

By that date all financial counterparties ("FCs") and non-financial counterparties ("NFCs") were required to meet their obligations in respect of:

  • Portfolio reconciliation;
  • Dispute resolution; and
  • Portfolio compression.

Each of these obligations is discussed further below:

Portfolio Reconciliation

This obligation required written agreements to be put in place with each counterparty, in order to set out the arrangements under which over-the-counter ("OTC") derivative contracts would be reconciled.

To ensure compliance with this obligation, each party to an OTC derivative contract was required to sign an adherence letter indicating whether it was opting to be appointed a "Portfolio Data Receiving Entity" or a "Portfolio Data Sending Entity".

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