EMIR Reporting Obligation

In order to comply to EMIR reporting requirements FCs as well as NFCs 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 (non) 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 of the (OTC) derivatives market. The information that needs to be reported includes information about the counterparty (“counterparty data”) and information about the derivative contracts (“common data”).

Currently FCs, NFCs and entities partially exempted from EMIR are subject to the reporting 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.

Under EMIR REFIT, for transactions between a FC and a non-financial counterparty that is below all of the clearing thresholds (NFC-), the financial counterparty will be responsible and legally liable for reporting on behalf of both counterparties. This requirement will enter into force 12 months after the inforce date of EMIR REFIT (i.e. 18 June 2020). The non-financial counterparty shall be responsible for ensuring that the financial counterparty is provided with the reporting details for which it cannot be reasonably expected to possess. For more information on EMIR Refit, please visit the dedicated EMIR Refit page.

For more information about EMIR Reporting Obligation, please visit the Q&A section.