Entering into derivative transactions, you become a ‘counterparty’.
EMIR introduces two types of counterparties: Financial Counterparties (FC) or Non-Financial Counterparties (NFC).
A repurchase agreement (repo) is a form of short-term secured loan where one party sells securities to another and agrees to repurchase those securities later at a higher price with the securities serving as collateral for the borrower.
Regulatory reporting is hard enough without the confusion over which version of each regime is the latest. EMIR has gone through a number of variations since it was first implemented in 2012. We thought it would be a great time to outline what the EMIR version names relate to and where we are currently at as we anticipate further changes to the regime.