ISDA and other associations have published a Master Regulatory Reporting Agreement that intends to simplify derivatives reporting across different European Union regulatory regimes. The other associations are the Association of Financial Markets in Europe (AFME), the Futures Industry Association (FIA), the International Capital Market Association (ICMA), and the International Securities Lending Association (ISLA). The Master Regulatory Reporting Agreement gives market participants an option to use a single template to help them manage regulatory obligations and provide services related to reporting under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR).
The Master Regulatory Reporting Agreement is a template agreement that market participants may find useful as part of the management of their regulatory obligations and/or provisions of services to their clients relating to the reporting of the details of certain financial transactions to trade repositories. The Agreement sets out common terms governing mandatory and delegated reporting of derivatives transactions under EMIR, compatible with changes introduced via EMIR Refit, as well as securities financing transactions under the SFTR. The agreement has also been drafted with a view to ensuring these terms remain effective post-Brexit. Use of a common template for all reporting relationships under the two rule sets will bring greater efficiency and consistency to the regulatory reporting process.
The Agreement comprises a main body as well as sections on Delegated Reporting and Mandatory Reporting, followed by two product-specific annexes and template schedules within which the parties can specify details relating to Static Data, any details relating to their reporting operations and procedures, and, in circumstances where an entity executes the agreement in its role as agent, a list of clients, and where it executes the agreement as fund manager, a list of funds. The terms of the main body and Schedules to this Agreement shall apply separately and, as amended and supplemented by each applicable Annex, to the relevant transactions identified in each applicable Annex. The Agreement was developed with the assistance of committees and working groups established by AFME, FIA, ICMA, ISDA and ISLA, comprising representatives from both buy- and sell-side firms with expertise in derivatives and securities financing transactions.
Keywords: Banking, Insurance, Securities, Master Regulatory Reporting Agreement, Reporting, EMIR, SFTR, OTC Derivatives, EU, ISDA
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).