Isda Reporting Delegation Agreement

For example, where a swap is made by a redemption counterparty established in the EU and a swap swap registered in the CFTC and the swap is subject to Dodd-Frank reporting and falls under the August 2012 ISDA-DF protocol, the counterparty must comply with the corresponding reporting obligation as a non-reporting counterparty described above under Protocol6 (as well as to report the swap itself in accordance with EMIR). Although ESMA has communicated to the European Commission in a letter that the start of the notification of exchange-traded derivative contracts should be postponed for one year in order to allow market participants to benefit from additional guidance on the notification of such contracts, the Commission has not consented to such a delay and the FCS and LESC should expect that: that it is required, on 12 February 2014, to report on OTC and stock exchange derivatives. Unlike other requirements under EMIR and EMIR that require CFs and NSCs to require their counterparties (wherever established, i.e. including TCEs) to meet the applicable requirements, the reporting obligation does not have this extraterritorial scope. Although FCs and LESCs are required to communicate to a trade repository the details of any derivative contract entered into, amended or closed (regardless of where their counterparties are located), FCs are not required to submit self-reporting. The notification of certain derivative contracts concluded before the reference date is subject to shorter deadlines: we have listed below some important points to take into account when verifying and completing the GDR. Many of these issues will also be relevant for counterparties negotiating with a trader forms of tailor-made agreement on the delegation of reports. The mandatory EMIR transaction report is scheduled to begin on February 12, 2014. If you are concerned, you must take precautions to meet this requirement. To this end, ISDA and FOA have published a form of delegation of reporting agreement and in the coming weeks the operators concerned will have to take into account this document and the general EMIR reporting obligation. ISDA and FOA today published the isda/FOA EMIR Reporting Delegation Agreement.

That document aims to help market participants comply with their reporting obligations by providing a standard bilateral form of the delegation of reporting agreement, under which a registrant may, on behalf of the client, communicate relevant data to a trade repository or ESMA. Most Sell Side companies that intend to offer delegated notification services consider this to be a defensive approach that only aims to avoid competitors` market shares. . . .


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