ESMA Updates FAQs on EMIR

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.

LINK 
http://ec.europa.eu/internal_market/financial-markets/docs/derivatives/emir-faqs_en.pdf