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Notification requirements under EMIR - FSA approach

FSA has a new webpage  setting out the notifications required from 15 March from financial and non-financial counterparties under the European Markets Infrastructure Regulation (EMIR). 

 The key points are that for:·    

-     unconfirmed OTC derivative transactions - financial counterparties must have procedures in place to report on a monthly basis any unconfirmed OTC derivative transactions that have been outstanding for more than five business days.  FSA will contact firms directly to request such information; and·       

-  transactions which exceed the clearing thresholds - non-financial counterparties must complete forms to notify FSA when they have breached or no longer exceed this threshold.  

FSA new website link:http://www.fsa.gov.uk/about/what/international/emir/emir-notifications-and-exemptions

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