The EU regulation on OTC derivatives, central counterparties and trade repositories came into force on 16 August 2012. However, full implementation required ESMA to finalise the technical standards, which came into force in 2014.
In the field of OTC derivatives, the European Market Infrastructure Regulation (EMIR) is perhaps the most important piece of European legislation to emerge from the financial crisis of 2008, affecting both buy- and sell-side market participants as well as corporate and other end-users of derivatives.
The most important aim of the European Markets Infrastructure Regulation (EMIR) is to increase the transparency of the over the counter (OTC) derivatives market, so that the EU with the help of European Securities and Markets Authority (ESMA), can have a clear view about the turnover, participants and any possible market manipulation. Another objective is to reduce the number of the counterparties involved and reduce the operational risk for market participants.
The European Market Infrastructure Regulation (EMIR) introduced an obligation to report all derivatives to trade repositories, a clearing obligation for eligible OTC derivatives, measures to reduce counterparty credit risk and operational risk for bilaterally cleared OTC derivatives, as well as common rules for central counterparties (CCPs) and for trade repositories.
- Understand the Regulatory framework
- Know who, how, when and what needs to be reported
- Explain Clearing and Reporting obligation as well as the Risk Mitigation
- Challenges and penalties in EMIR Reporting
- Elaborating technology to assist on the reporting obligation
Introduction to EMIR reporting
EMIR Regulation (EU) No 648/2012
- Subject matter, scope and definitions
- Clearing, Reporting and Risk Mitigation of OTC derivatives
- Authorisation and Supervision of CCPs
- Requirements for CCPs
- Interoperability arrangements
- Registration and Supervision of Trade Repositories
- Requirements for Trade Repositories
- Common provisions
Implementing and Delegated Acts on Regulation (EU) No 648/2012
- Summary of the delegated acts under EMIR
- Penalties under EMIR
ESMA EMIR data quality peer review
- Executive Summary
- Supervisory and policy recommendations to improve EMIR data quality
- Peer review assessment
CySEC Circular C329 on EMIR review
- Summary on the findings and next steps
Elaborating technology to report and Comply
- Practical review of a solution for reporting
- Monitoring the reporting
- Ensure correct reporting
- Ensuring that necessary updates are applied on time
- Getting the Compliance help and advice from your vendor
The programme will be delivered using a variety of learning methods.
The programme will be participative, including short lectures supported by power-point presentations that aim to explain the main issues while providing the grounds for in-depth discussion and debate. Several case studies and examples will be used for hands on participation.
This programme may be approved for up to 5 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
Professionals requiring CPD units to meet the education requirements for CySEC licence renewal, and/or for maintaining other professional memberships/certifications which accept CPD in Financial Regulation, are advised to consider training subjects in categories that indicate CPD training in Financial Regulation.
Who Should Attend
The programme is ideal for:
- Managers and Senior Managers in Investment Firms
- Compliance Officers
- Internal Auditors
- Internal Lawyers
- External Auditors, Lawyers and Financial Consultants