The European Securities and Markets Authority (ESMA) has updated its Frequently Asked Questions on the European Markets Infrastructure Regulation (EMIR) by adding a new question 13 in part II on the requirements for timely confirmation of transactions which
are not CCP cleared. ESMA explains that 1 to 7 days is the permitted time range for non CCP cleared transactions. Hard deadlines had not been imposed and in the case of a failure to report within this time period, the firm’s competent authority would examine
whether a firm had made sufficient efforts to meet the deadline by assessing whether there were appropriate procedures and arrangements in place at the firm.