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.
DORA provides a regulatory framework on digital operational resilience where all firms need to make sure they are able to withstand, respond to and recover from all types of Information and Communication Technology (ICT) related disruptions and threats.
Electricity Contracts for Difference (CFD) were introduced in the UK as part of the Electricity Market Reform implemented in the Energy Act 2013. The aim was to incentivise investment in renewable energy and improve affordability for consumers. Electricity CFDs are concluded between a renewable generator and Low Carbon Contracts Company (LCCC), a government-owned company. These CFD contracts are awarded for a period of 15 years.
When the last phase of the IM requirements commence in September 2022, a large number of entities (estimated 1200 counterparties) will be subject to the IM requirements for the first time, potentially involving documentation, custodial and operational arrangements.
Globally there are a host of foreign exchange brokers which allow their customers to move currency to and from different countries and currencies. These companies are subject to different requirements based on the jurisdiction where they are based and the role they play in the market.
The date for financial counterparties (FC) to conduct the ‘clearing obligation assessment’ is required every 12 months.
ESMA recently released their Data Quality Report which presented analysis of the quality of data which was collected for regulatory use in 2021 under the EMIR and SFTR transaction reporting regimes.
RTS 28 is still in force for EU and UK investment firms and must be published by 30 April 2022.
Investment firms are required to summarise and publish their top five execution venues in terms of trading volume and information on the quality of execution obtained for each class of their financial instruments
Failure to report your hedge trades not only is a breach of your EMIR/UK EMIR reporting obligations but can also attract serious financial penalties from your NCA.