European Securities and Markets Authority (ESMA) Publishes Updated Q&A
Sunday, August 11, 2013

EU national competent authorities and the European Securities and Markets Authority have published an amended set of European Market Infrastructure Regulation (EMIR) Q&As. The purpose of the document is to promote common supervisory approaches and practices in the application of EMIR.The Q&As cover questions in regard to over-the-counter (OTC) Derivatives, central counterparties (CCPs) and trade repositories. There are new questions in regard to: 

  • Funds and counterparties;

  • Principal-to-principal model;

  • Definition of OTC derivatives;

  • Calculation of the clearing threshold;

  • Timely confirmation;

  • Intragroup transactions;

  • Hedging definition;

  • Risk mitigation techniques for OTC derivative contracts not cleared by a CCP;

  • Status of entities not established in the European Union;

  • Portfolio reconciliation;

  • Dispute resolution;

  • Deposit of financial instruments;

  • Segregation and portability;

  • Default fund;

  • Organizational requirements;

  • Allocation of additional resources;

  • Classification of financial instruments; and

  • Reporting of collateral and valuation. 

Read more.

 

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