The FCA has published the following factsheets relating to the European Markets Infrastructure Regulation (EMIR):
- a factsheet for counterparties who need to comply with the reporting obligation under article 9 of EMIR. The factsheet discusses the FCA’s findings of a review into how ready the industry is for the reporting obligation which is due to start on 12 February 2014. The factsheet also sets out certain issues and uncertainties which the FCA found. One such issue is that it appears as if not all counterparties have yet applied for legal entity identifiers; and
- a factsheet for non-financial counterparties (NFCs) calculating the clearing threshold and which are part of a group with entities that are financial counterparties (FCs). Following its original review to understand how NFCs are defining their hedging activity and monitoring their status against the clearing threshold, the FCA extended it to include NFCs that are part of a group with entities that are FCs. The factsheet reports on what the FCA found in its review under the following headings: (1) NFCs accurately classifying hedging and non-hedging transactions; (2) additional points from the review of NFCs which are a part of a group with FCs; and (3) points that NFCs delegating EMIR obligations to FCs within their group should consider to comply with EMIR.
View EMIR reporting – is the industry ready?, 7 February 2014
View Non-financial counterparties subject to EMIR, 7 February 2014