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