By Steve Blackbourn, Wolters Kluwer Financial Services’ contributor.
As part of the European regulatory reforms concerning trades and reporting involving derivatives, central counterparties and clearing houses (CCP’s) and also trade repositories new and changed requirements are being introduced to improve transparency and reduce levels of market risk. The European Market Infrastructure Regulations (EMIR) effectively introduces requirements for all types and sizes of both financial and non-financial firms entering into derivative trading and contracts, including provisions requiring all such derivative trades to be reported to a trade repository.
UK participant firms who still need to analyse and understand how the EMIR provisions affect their business must now quickly identify the precise nature and extent to which they are impacted. And they then need to ensure that arrangements are established and maintained for any new or additional reporting, notification or any other obligations and responsibilities. The most obvious start-point reference for firms should be the FCA’s own comprehensive and evolving website covering this important topic.
To read the full article and previous featured articles from Steve Blackbourn please take a free trial of Wolters Kluwer Financial Services’ Compliance Resource Network click here.
About the author: Over a 25-year career Steve Blackbourn has undertaken various operational and regulatory roles at senior-management level in a range of international financial services organizations before becoming established as a U.K.-based compliance and financial crime consultant in 2008. Steve has held key positions within a global bank assurance group, an Advanced Risk-Responsive Operating FrameWork (ARROW) supervisory inspection team at the UK FSA and an international life/pensions and investment organization. Steve has worked and continues to work alongside Wolters Kluwer in delivering project specific as well as rolling consultancy support services with mutual clients. In addition, he also works with a range of direct clients applying his broad scope regulatory-compliance and financial-crime background and skills to deliver a reliable and quality service with an emphasis on practical approach and commercial orientated solutions.
http://www.riskheadquarters.com/latest-emir-issues-and-developments/
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