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Alternative Market Briefing

EMIR reporting more complex and extensive than Dodd-Frank

Monday, July 15, 2013

Renaud Huck
Benedicte Gravrand, Opalesque Geneva:

The derivatives reporting requirements of the new European regulation EMIR are arduous and challenging. But as EMIR's implementation deadline has been post-poned, regulated and unregulated firms have more time to prepare for a compliant reporting process.

The European Market Infrastructure Regulation (EMIR) reporting requirements are more complex and extensive than those contemplated in the Dodd-Frank Wall Street Reform Act and the current European transaction reporting framework, SJ Berwin, an international law firm, writes today in a client alert.

EMIR is an EU regulation for OTC derivatives, central counterparties (CCPs) and trade repositories (TRs) which entered into force last summer.

Among other things, "EMIR requires certain financial counterparties, including banks, insurers, investment firms as well as certain non-financial counterparties, including energy and real estate firms to report details of new, modified or terminated MiFID derivatives contracts to a registered trade repository," the report explains. "Counterparties may also be required to comply with certain risk mitigation requirements, collateralise and in certain circumstances clear their OTC derivative contracts through CCPs."

Unlike Dodd-Frank, the reporting......................

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