On 29 May 2020, the European Securities and Markets Authority (ESMA) updated its Q&As on the European Market Infrastructure Regulation (EMIR).
ESMA has added a new Trade Repository (TR) Q&A 54 providing clarifications on reporting of over-the-counter derivatives by a financial counterparty (FC) on behalf of a non-financial counterparty (NFC) below the clearing threshold (NFC-) under EMIR Refit.
In particular, the TR Q&A 54 clarifies:
- What are the reportable details that the NFC- should provide to the FC?
- How the FC should proceed if the NFC- does not renew its LEI?
- How the FC should proceed if an NFC that has been classified as an NFC+ changes its status to NFC- and fails to timely inform the FC of this fact?
- How FC and NFC- should proceed if they report to two different trade repositories?