On 15 July 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on practical questions regarding the European Markets Infrastructure Regulation (EMIR).
ESMA has updated the Q&As so that they are aligned with the EMIR Refit Regulation.
The following have been amended or deleted:
- General questions – Question 1 – Funds, counterparties – amended
- OTC questions – Question 17 on frontloading requirement for the clearing obligation – deleted
- OTC questions – Question 20 – Clearing obligation – amended
- Trade Repository questions – Question 7 – Reporting to trade repositories and avoidance of duplication – amended
- Trade Repository – Question 13 – Intragroup transactions – amended
- Trade Repository – Question 39 – Block trades and allocations – amended
- Trade Repository – Question 44 – Transition to the new EMIR technical standards on reporting – amended
In addition, a new Question 52 has been inserted into the Trade Repository section concerning the notional amount field for credit index derivatives. The following question and answer has been inserted:
- How should counterparties report the Notional (field 2.20) for credit derivatives trades following a change in the index factor (field 2.89) due to credit events? To avoid double counting of the adjustment, counterparties should not modify the notional (field 2.20) when the index factor changes due to credit events. They should only update the index factor (field 2.89).