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
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