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28th May 2020

ESMA Releases New EMIR Q&A - 28/05/2020

ESMA has today updated its EMIR Q&A which includes 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.