On 7 November 2013 the European Securities and
Markets Authority (ESMA) has approved the registrations of the
first four trade repositories under the European Market
Infrastructure Regulation (EMIR). Those registered trade
DTCC Derivatives Repository Ltd. (DDRL), based in the United
Krajowy Depozyt Papierów Wartosciowych S.A. (KDPW),
based in Poland;
Regis-TR S.A., based in Luxembourg; and
UnaVista Ltd, based in the United Kingdom.
The registrations will take effect on 14 November 2013. The
reporting obligation will start 90 calendar days thereafter, i.e.
on 12 February 2014 which follows from Art. 5(1)(b) of the
Commission implementing Regulation (EU) No. 1247/2012 of 19 December
The reporting requirements under Art. 9 of Regulation (EU) No 648/2012 of the European
Parliament and of the Council on OTC derivatives, central
counterparties and trade repositories ("EMIR") are
further specified by the Commission delegated Regulation (EU) No. 148/2013 of 19 December
2012 (with regard to regulatory technical standards on the minimum
details of the data to be reported to trade repositories) and by
the Commission implementing Regulation (EU) No. 1247/2012 of 19
December 2012 (laying down implementing technical standards with
regard to the format and frequency of trade reports to trade
ESMA has in its report "Draft implementing technical
standards amending Commission Implementing Regulation (EU) No.
1247/2012 laying down implementing technical standards with regard
to the format and frequency of trade reports to trade
repositories" under EMIR recommended to delay the reporting
obligation for exchange traded derivatives. So far, the Commission
has not amended Art. 5 of the Commission implementing Regulation
(EU) No. 1247/2012.
Reporting is one of the three pillars under EMIR (together with
central clearing and risk mitigation for non-centrally cleared
derivatives). Reporting applies with respect to all derivatives and
Trade repositories are commercial firms that centrally collect
and maintain the records of derivatives contracts reported to them.
The registration of these trade repositories means that they can be
used by the counterparties to a derivative transaction to fulfill
their trade reporting obligations under EMIR.
The above registered trade repositories cover all derivative
asset classes – commodities, credit, foreign exchange,
equity, interest rates – irrespective of whether the
contracts are traded on or off exchange.
Risk mitigation obligations are partially already in effect
since 15 March (timely confirmation, daily evaluation) and 15
September (portfolio reconciliation, portfolio compression and
dispute resolution). Central clearing obligation is expected to
take effect in summer or autumn 2014 (with potential retroactive
effect for the period between notification and adoption of
regulatory technical standards specifying the class of OTC
derivatives that should be subject to the clearing obligation.
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on legal issues and developments of interest. The foregoing is not
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intended to provide legal advice. Readers should seek specific
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Under Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ("EMIR")...
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