ISDA Publishes Agreement to Simplify Reporting of Derivatives in EU
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.
Related Links
Keywords: Banking, Insurance, Securities, Master Regulatory Reporting Agreement, Reporting, EMIR, SFTR, OTC Derivatives, EU, ISDA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Related Articles
EC Regulation Sets Out Standards for Reporting and Disclosure of MREL
EC published the Implementing Regulation 2021/763 that lays down implementing technical standards for supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities (MREL).
APRA Decides to Standardize Submission Date for Quarterly Reporting
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
ECB Working Group Publishes Recommendations on EURIBOR Fallbacks
The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).
Bundesbank Publishes Supporting Documentation for Reporting by Banks
Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.
EBA Publishes Phase 1 of Reporting Framework 3.1
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
APRA to Finalize Capital Adequacy Standard Revisions by January 2022
Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA
ESMA Issues Guidelines on Outsourcing to Cloud Service Providers
ESMA published the final guidelines on outsourcing to cloud service providers.
EBA Publishes Data on Deposit Guarantee Schemes
EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.
OSFI Sets Out Plan for Future Guidance on Managing Technology Risk
OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.
MAS Updates Housing Loan Rules, Proposes Corporate Governance Guidance
MAS updated rules for new housing loans by banks and finance companies.
