ESMA Release New EMIR Q&A

May 28, 2020

ESMA have today updated their EMIR Q&A which include 1 new topic;

Q&A TR54: Reporting by a financial counterparty (FC) on behalf of a non-financial counterparty below clearing threshold (NFC-) under EMIR Refit.

In particular, the TR Q&A TR54 clarifies:

  • What are the reportable details that the NFC- should provide to the FC;
  • how the FC should proceed if the NFC- does not renew its LEI;
  • how the FC should proceed if an NFC that has been classified as an NFC+ changes its status to NFC- and fails to timely inform the FC of this fact;
  • how FC and NFC- should proceed if they report to two different trade repositories.