What is the new ‘Corporate sector’ field under EMIR Refit?

One of EMIR Refit’s key areas of change to the EMIR Reporting Rules is in relation to data fields – the number of reportable fields has been increased from 129 to 203 for the EU and to 204 for the UK.

Of particular interest, is the new data field relevant to counterparty details – ‘corporate sector’. Note, the definition of ‘corporate sector’ also includes financial counterparties (FCs) and non-financial counterparties (NFCs).   We have previously provided guidance around the new data fields in general – click here to see our article where the ‘A’ to ‘U’ of corporate activity categories are listed to assist clients in making their determination.

In circumstances where there is more than one activity associated with your client, list the codes in order of importance to the corresponding activities. For central clearing counterparties (CCP) and other types of counterparties, Article 1(5) of Regulation (EU) No 648/2012 (EMIR) specifies that this field be left blank.


How do I get this information from my client or elsewhere?

We understand that it may be a challenge for firms to ascertain additional information about their counterparty, as this kind of detail may not already be present in client information databases.  

To ascertain this information for existing clients we suggest undertaking any of the below tasks:

  • Reviewing your client’s regulatory disclosure letters that may be on the internet or previously provided to you.
  • Reviewing other agreements that may be in place between your firm and your client which may describe your clients’ activities or their entity type.
  • A simple search of your client’s website or a ‘google’ search of their name on the internet.
  • Reach out to your client and ask them which ‘corporate sector’ category they will fall under.

If you have not already updated your registration forms or questionnaires for the onboarding of new customers to ask and store their ‘corporate sector’, then we advise firms to do so as soon as possible.


What if my client is outside the EU?

If your client is a non-EU entity, then it will not fall under the definition of a FC or NFC under Article 2 of Regulation (EU) No 648/2012 so the Nature of counterparty 2 field can be populated as ‘O’ (Other) and the Corporate sector of counterparty 2 field can be left blank.


What if I am not currently trading with a client?

If there is an existing trading relationship in place between your firm and your client but there are no outstanding trades between the parties, we still recommend seeking out this detail from your client ahead of any transactions resuming. 


Are there any generic categories or can I use ‘unknown’?

There isn’t any provision to use ‘unknown’ and the field can’t be left blank (except where the other counterparty is an investment firm, or a CCP as mentioned above). There is however a broad category type which can be used:

‘S’ – Other service activities



The changes in EMIR Refit aim to align the regime with agreed upon global standards and to improve data quality. Should you need further clarification on how EMIR Refit will affect your business operations or if you are overwhelmed by the additional requirements outlined, please get in touch with us.

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