EMIR Reporting Obligation
In order to comply to EMIR reporting regulations FCs as well as NFCs (i.e. NFC+ and NFC-) have to report derivative contracts (concluded, modified or terminated) to a Trade Repository (TR). A trade repository is an organization that is regulated under EMIR to manage data in a transparent and confidential manner. The information reported to trade repositories is accessible to EEA regulators. This obligation applies to both cleared and non-cleared derivatives, exchange-traded as well as OTC derivatives and started in February 2014.
The objective of this obligation is to improve transparency. The information that needs to be reported includes information about the counterparty (“counterparty data”) and information about the derivative contracts (“common data”).
All EEA derivatives market participants (FCs and NFCs and exempted entities) are subject to the obligation, irrespective of who is on the other side of the trade.
Non-EEA market participants are not subject to the reporting obligation.
However, as the EEA counterparties need to comply with the reporting obligation, EEA entities are obliged to disclose information regarding non-EEA counterparties when transacting with them.
For more information about EMIR Reporting Obligation, please visit the Q&A section.