Bailey McCann, Opalesque New York:
The European Securities and Markets Authority has approved its first round of trade repositories for derivatives. The registrations will take effect on 14 November 2013, with the reporting obligation beginning 90 calendar days after the official registration date on 12 February 2014. Any US or EU fund that trades with a European counterpart will have an obligation to report to one of these repositories if they trade with an EU counterparty.
The Regulation on Derivatives Transactions, Central Counterparties and Trade Repositories (EMIR) is one of the more complex new regulations slated to hit the EU and managers that have EU counterparties. As Opalesque has reported, the EU is slightly behind on its implementation of these rules, and managers are already encountering the complexities of this law.
A client alert from Shulte Roth & Zabel notes that the first round of approved repositories are:
- DTCC Derivatives Repository Ltd. (DDRL), based in the United Kingdom;
- 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.
Applications from other rep......................
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