The Cyprus Securities and Exchange Commission (the "CySEC") has completed a review on the quality of the data which has been reported to Trade Repositories in accordance with Article 9(1) of the European Market Infrastructure Regulation (the "EMIR").
Article 9(1) of EMIR states that "Counterparties and CCPs shall ensure that the details of any derivative contract they have concluded and of any modification or termination of the contract are reported to a trade repository registered in accordance with Article 55 or recognised in accordance with Article 77. The details shall be reported no later than the working day following the conclusion, modification or termination of the contract ... Counterparties and CCPs shall ensure that the details of their derivative contracts are reported without duplication."
The aim of the review conducted by CySEC was to assess the quality and promptness of the data reporting of the Cyprus Investment Firms (the "CIFs"). CySEC highlighted the importance of timeliness and proper reporting to the CIFs and that all regulated entities must ensure compliance with the EMIR reporting obligations.
Furthermore, CySEC recommends to all regulated entities to appoint an individual who will oversee the data reporting process in accordance with the EMIR reporting requirements in order to identify any possible issues and rectify them accordingly. Regulated entities are therefore advised to conduct a full review of their existing processes and policies of data reporting to achieve and maintain compliance with the EMIR obligations.
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