After the 2008 financial crisis, lack of transparency was identified by the regulator as a root cause for risk building up in the derivatives market. In March 2012, the European Parliament adopted the European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012) with the aim of (i) increasing transparency in over-the-counter (OTC) derivatives markets, (ii) mitigating credit risk, and (iii) reducing operational risk. It is based on three principles:

  • the clearing of OTC derivatives through central counterparties (CCPs);
  • the application of margin requirements for contracts not cleared by a CCP; and
  • the reporting of all derivative transactions to trade repositories (TR).

Since February 2014, financial and non-financial counterparties (FC/NFC) as well as CCPs have had to ensure that every settlement, change and termination of a derivatives contract – regardless of whether it is OTC or exchanged-traded (ETD) – is reported to a TR by the end of the following business day.  This detailed information must be made available to supervisory authorities and, in addition, the TRs, which are overseen and must be accredited by the European Securities Market Authority (ESMA), must publish aggregated data for both OTC and listed derivatives.

In May 2015, the European Commission (EC) released a public consultation paper regarding EMIR (“EMIR II“). ESMA´s Final Report (2015/1645) was published on 13 November 2015 and submitted to the Commission for approval. On 21 January 2017, the European Union published the revised implementing technical standards (ITS) ((EU) No 1247/2012) and regulatory technical standards (RTS) ((EU) No 148/2013) for Art. 9 (reporting requirements) EMIR in the Official Journal of the European Union. These amendments came into force on 10 February 2017 and became applicable on 1 November 2017.

Following a further extensive evaluation by the EC, a set of revisions to EMIR were proposed in May 2017 and again in June 2017, which introduce simpler and more proportionate rules for OTC derivatives, enhance the supervision of third-country CCPs and make the supervision of EU CCPs more coherent.

With ABACUS/Transactions, BearingPoint provides a new platform especially designed for transaction-based regulatory reporting. The TR2 module supports the new EMIR amendments for the DTCC and RegisTR trade repositories.

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